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- Global oil demand is set to return to pre-pandemic levels by the end of 2022, rising 5.4 mb/d in 2021 and a further 3.1 mb/d next year. The OECD accounts for 1.3 mb/d of 2022 growth while non-OECD countries contribute 1.8 mb/d.
- World oil supply is expected to grow at a faster rate in 2022, with the US driving gains of 1.6 mb/d from producers outside the OPEC+ alliance. That leaves room for OPEC+ to boost crude oil production by 1.4 mb/d above its July 2021-March 2022 target to meet demand growth.
- Global refinery throughput in 2021 is expected to recover half of the 7.4 mb/d fall in 2020, lagging behind demand growth for refined products as surplus inventories are drawn down.
- OECD industry stocks held relatively steady in April, at 2 926 mb, but fell 1.6 mb below the pre-Covid 2015-19 average for the first time in more than a year.
World oil supply is set to rise 1.5 mb/d over November and December, with the US providing 400 kb/d of the gain. Saudi and Russia combined would account for 330 kb/d in line with OPEC+ targets. Total oil supply had already leapt 1.4 mb/d m-o-m in October after the US rebounded from Hurricane Ida.
Aug 12, 2021 · Global oil demand is now seen rising 5.3 mb/d on average, to 96.2 mb/d in 2021, and by further 3.2 mb/d in 2022. World oil supply rose by 1.7 mb/d in July to 96.7 mb/d after Saudi Arabia ended its extra voluntary production cut and the North Sea recovered strongly after maintenance.
Dec 14, 2021 · Global oil demand is now set to rise by 5.4 mb/d in 2021 and by 3.3 mb/d in 2022, when it returns to pre-pandemic levels at 99.5 mb/d. Global oil production is poised to outpace demand from December, led by growth in the US and OPEC+ countries.
- The ongoing energy crisis has prompted a switch to oil that could boost demand by 500 kb/d compared with normal conditions. This contributed to an upward revision to our 2021 and 2022 forecast, by 170 kb/d and 210 kb/d respectively.
- World oil supply has resumed its uptrend as OPEC+ continues to unwind cuts, the US bounces back from Hurricane Ida and maintenance winds down. From September through end-2021, global output is set to rise 2.7 mb/d with OPEC+ accounting for 1.5 mb/d and non-OPEC+ pumping the rest.
- Global refinery activity in 3Q21 continued to disappoint, with lower throughputs in China and India in August only partially offset by a stronger performance in OECD Asia and Europe.
- OECD total industry stocks drew by 28 mb in August to 2 824 mb, 162 mb below pre-Covid five-year average. Preliminary September data for the US, Europe and Japan show on-land industry stocks fell by a further 23 mb.
Monthly Oil Market Report 2021. The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market ...
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For 2021, global oil demand is forecast to grow by 5.5 mb/d to 96.5 mb/d, recovering around 60% of the volume lost in 2020. Oil demand will return to 2019 levels by 2023, as shown in our OIL 2021 report released today.
