OPEC keeps oil demand forecast stable for 2022
by ChemOrbis Editorial Team - content@chemorbis.com
In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its world oil demand growth forecast for this year unchanged from the previous assessment.
Accordingly, world oil demand is estimated to increase by 3.36 million barrel/day in 2022 and it is expected that oil demand will exceed pre-pandemic levels in 2022.
On the other hand, the cartel decreased its forecast for supplies from outside the cartel by 300,000 barrels/day to 2.1 million barrels/day. Russia’s output is expected to fall by 250,000 barrels/day when compared to previous estimates.
"Inflationary pressures are likely to persist and it remains highly uncertain as to when geopolitical issues may be resolved. Nevertheless, oil demand is forecast at healthy levels in the second half of this year," the cartel said in the monthly report.
Accordingly, world oil demand is estimated to increase by 3.36 million barrel/day in 2022 and it is expected that oil demand will exceed pre-pandemic levels in 2022.
On the other hand, the cartel decreased its forecast for supplies from outside the cartel by 300,000 barrels/day to 2.1 million barrels/day. Russia’s output is expected to fall by 250,000 barrels/day when compared to previous estimates.
"Inflationary pressures are likely to persist and it remains highly uncertain as to when geopolitical issues may be resolved. Nevertheless, oil demand is forecast at healthy levels in the second half of this year," the cartel said in the monthly report.
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