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OPEC+ will need to boost output to meet 2022 demand recovery -IEA By Reuters

© Reuters. FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

By Noah Browning

LONDON (Reuters) – OPEC+ oil producers will need to boost their output in order to meet demand set to recover to pre-pandemic levels by the end of 2022, the International Energy Agency said on Friday.

“OPEC+ needs to open the taps to keep the world oil markets adequately supplied,” the Paris-based energy watchdog said, adding that rising demand and countries’ short-term policies were at odds with the IEA’s call to end new oil, gas and coal funding in a stark report issued last month.

“In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target,” it said in its monthly oil report.

The IEA shocked the energy industry with its “Net Zero by 2050” report on May 18, saying investors should not fund new fossil fuel projects if the world wants to reach goals on reining in emissions causing rising temperatures by mid-century.

“This roadmap notes that most pledges by countries are not yet underpinned by near‐term policies and measures,” the IEA said on Friday.

“Oil demand looks set to continue to rise, underlining the enormous effort required to get on track to reach stated ambitions.”

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