Global oil demand in 2022 will reach 100.6 million barrels per day – OPEC

The Organization of the Petroleum Exporting Countries (OPEC) has forecast that total global oil demand in 2022 will reach 100.6 million barrels per day, which will exceed pre-pandemic levels.

This was revealed on Monday by OPEC Secretary General Mohammad Barkindo at the 58th virtual meeting of the Joint Technical Committee.

It comes after OPEC also revealed that global demand for 2021 is set at BPD 96.5 million.

What they say

The OPEC boss revealed that global oil demand grew by 5.7 million barrels per day in 2021 and 4.2 million barrels per day as of December 2021, adding that the expected recovery at last quarter 2021 would be felt in the first quarter of 2022, and proposed much more regular growth. in 2022.

“In addition to closely monitoring the changing impacts of the Omicron variant, other factors to consider will be the varying speed of vaccine deployment around the world; the uneven pace of economic growth in regions of the world; and continued supply chain disruptions.

“In addition, increasing inflationary pressures and potential central bank responses remain key factors that require close monitoring,” he said.

On the supply side, OPEC said non-OPEC supply in 2021 is expected to increase by 700,000 b / d to an average of 63.7 mb / d, unchanged from December 2021, and in 2022. to increase on average by 66.7 mb / d.

OPEC said it would continue to monitor potential short-term impacts if some of the major consuming countries carry out their announced plans to release about 70 mb of their strategic oil reserves.

“Looking at inventories, preliminary data shows that total OECD trade inventories fell from $ 16 million per month in November 2021 to 2.721 billion barrels, down 389 million from the same month a year ago and 211 million below the 2015-2019 average.

“As we begin the sixth year of collaboration, we move forward with confidence, knowing that this highly effective and renowned framework for multilateral energy cooperation will once again prove to be the way of the future for this industry.” he said.

OPEC also announced that Mr. Haitham Al-Ghais would be the new Secretary General effective August 1, 2021. “Al-Ghais, a Kuwait Petroleum Corporation (KPC) veteran and OPEC Governor of Kuwait from 2017 to June 2021, is currently Deputy Managing Director of International Marketing at KPC.

“He chaired the Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) in 2017 and was then a member of the JTC until June 2021”, It said.

In case you missed it

Nairametrics reported earlier that Brent crude posted its biggest annual gain in 12 years, thanks to a global economic recovery from the COVID-19 crisis and producer restriction, despite record levels of infections around the world then that Brent hit $ 86.70 per barrel in October, the highest since 2018, and WTI hit $ 85.41 per barrel, the highest since 2014.

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Felix J. Dixon