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- LONDON, July 15 (Reuters) – OPEC stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise in 2022 at similar to pre-pandemic rates, led by growth in the United States, China and India.
energynow.ca/2021/07/opec-sees-world-oil-demand-reaching-pre-pandemic-level-in-2022/OPEC sees world oil demand reaching pre-pandemic level in 2022
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By monitoring the key indicators of oil supply and demand, such as oil rig counts and activities, the energy investment outlook and crude oil price forecasts, our team of experts will share market intelligence to guide your strategic decisions.
Jul 13, 2022 · Oil demand is now expected to expand by 1.7 mb/d in 2022 and 2.1 mb/d next year, when it reaches 101.3 mb/d. Our forecast was revised slightly higher for oil supply for the remainder of the year due to Russia’s surprisingly strong performance.
The 2021 oil supply forecast primarily sees growth in Canada, Russia, the US, China, Guyana, Argentina, Qatar and Norway, while output is projected to decline in the UK, Brazil, Colombia and Indonesia.
- World oil demand is forecast to reach 101.6 mb/d in 2023, surpassing pre-pandemic levels. While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023.
- Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 mb/d in 2022 and 1.8 mb/d in 2023. As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines.
- Global refining capacity is set to expand by 1 mb/d in 2022 and 1.6 mb/d in 2023, boosting throughputs by 2.3 mb/d and 1.9 mb/d, respectively. Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies.
- Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. OECD industry stocks also rose, by 42.5 mb (1.42 mb/d), helped by government stock releases of nearly 1 mb/d.
Globally, oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045. Non-OECD countries drive oil demand growth, expanding by close to 24 mb/d over the forecast period, whereas the OECD declines by over 10 mb/d between 2021 and 2045.
Jul 16, 2021 · OPEC predicts that global oil demand will climb by 3.3 million barrels a day in 2022 -- about 3.4% -- and surpass 100 million barrels a day in the third quarter for the first time since the...
Dec 14, 2022 · Highlights. World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
