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OPEC does not change its forecast for oil demand growth in 2022

On Wednesday, the Organization of Petroleum Exporting Countries (OPEC) adjusted its forecast for this year without changing its forecast for global oil demand growth next year. In its monthly report, OPEC predicts that 2022 demand will increase by 4.2 million barrels per day, unchanged from the September outlook, with global demand expected to average 108 million barrels per day. I am. Better management of the COVID-19 pandemic. OPEC expects demand in 2021 to decline from the previous forecast of 5.96 million barrels a day and increase by 5.8 million barrels a day. This is primarily due to lower-than-expected actual data for the first three quarters of the year and demand for this quarter that is expected to be supported by seasonal increases and switching in demand for petrochemical and heating fuels. Despite the sound assumptions. Due to high gas prices, from natural gas to petroleum products. Meanwhile, growth in non-OPEC liquid supply in 2021 was revised to 700,000 barrels, down 300,000 barrels per day, partly due to the suspension of production in the Gulf of Mexico due to extratropical cyclones. The 2022 non-OPEC supply growth forecast has been revised to 3 million barrels per day, up 100,000 barrels due to a baseline change.

OPEC does not change its forecast for oil demand growth in 2022

Source link OPEC does not change its forecast for oil demand growth in 2022

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