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For the year as a whole, global oil demand is forecast to average 99.4 mb/d in 2022, up 1.8 mb/d y-o-y. As restrictions in China ease, summer driving picks up and jet fuel continues to recover, world oil demand is set to rise by 3.6 mb/d from an April low through August.
Monthly Oil Market Report 2022. 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.
- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Aug 16, 2023 · Market Snapshot: Crude Oil Imports Declined in 2022, While the Share from the U.S. Increased. Release date: 2023-08-16. Canada imported its lowest amount of crude oil * in more than 30 years in 2022, continuing a trend that started in 2020 during the COVID-19 pandemic.
World Oil Demand . World oil demand is kept unchanged compared to last month’s assessment, showing a growth of 5.7 mb/d in 2021. However, oil demand was adjusted higher in 1H21, amid better-than-anticipated transportation fuel consumption in OECD, offset by a downwardly-revised estimate for 3Q21 due to increased COVID-19 cases
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Aug 11, 2022 · World oil demand is now seen rising by 2.1 mb/d in 2022 to 99.7 mb/d and by a further 2.1 mb/d next year, when it surpasses pre-Covid levels at 101.8 mb/d. The outlook for world oil supply has been revised upward, with more limited declines in Russian supply than previously forecast.
Jun 11, 2021 · Following a record decline of 8.6 mb/d in 2020, global oil demand is forecast to rebound by 5.4 mb/d in 2021 and a further 3.1 mb/d next year, to average 99.5 mb/d. By end-2022, demand should surpass pre-Covid levels.
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