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- By contrast, OECD oil demand remained depressed as weak European and Asian petrochemical activity outweighed ongoing gas-to-oil switching in manufacturing processes. Oil demand is now forecast to rise by 2.3 mb/d in 2022 and a further 1.7 mb/d next year, up around 140 kb/d compared with last month’s Report.
www.iea.org/reports/oil-market-report-december-2022?mode=overview
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In 2022, oil demand growth is expected at 4.2 mb/dunchanged from last month , with OECD and non-OECD projected to grow by 1.8 mb/d and 2.3 mb/d, respectively.
- OPEC launches 2022 edition of the World Oil Outlook at ADIPEC
Globally, oil demand is projected to increase from almost 97...
- OPEC launches 2022 edition of the World Oil Outlook at ADIPEC
- 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.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
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 balance.
Oct 31, 2022 · 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.
- 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.
The Oil Information database includes detailed and comprehensive annual data of oil supply, demand, trade, production and consumption by end-user for each OECD country individually and for the OECD regions. Trade data are reported extensively by origin and destination.
Oct 13, 2022 · Highlights. The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand, which is now expected to contract by 340 kb/d y-o-y in 4Q22.
