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UPDATE 2-OPEC+ will need to boost output to meet 2022 demand recovery -IEA

Fri, 11th Jun 2021 09:20

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By Noah Browning

LONDON, June 11 (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.

OPEC+ agreed in April to gradually ease oil output cuts from
May to July and confirmed the decision at a meeting on June 1.

Meeting the restored demand is "unlikely to be a problem",
the IEA said, forecasting that OPEC+ will still have 6.9 million
bpd of effective spare capacity after July and that Iran's talks
with world powers could free its oil supply from U.S. sanctions.

"If sanctions on Iran are lifted, an additional 1.4 million
bpd could be brought to market in relatively short order."

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."

(Reporting by Noah Browning; editing by Jason Neely)

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