Expectations of a rise in global oil demand to reach 100 million barrels per day in 2022

The latest forecasts of the Organization of Petroleum Exporting Countries (OPEC) indicate that the total global demand for oil during the third quarter of 2022 increased by about 1 million b/d compared to the previous quarter, to reach about 99.7 million b/d, and to continue to rise after that to reach the level of A record amount of about 102.4 million b/d during the fourth quarter of 2022, according to the quarterly report on the global oil situation.

The report issued by “OAPEC” added that, in general, it is expected that total global demand will rise during 2022 by about 3.1 million b/d, or 3.2% compared to the previous year, to reach about 100 million b/d, which is the same level as previous expectations. The tendency to use oil instead of high-cost natural gas for power generation and in industrial processes in OECD countries in Europe and Asia is an important component of the oil demand forecast for 2022.

The report stated that, in this context, it is expected that the demand of OECD countries for oil will increase during 2022 by about 1.6 million b/d, i.e. by 3.6%, compared to the previous year, to reach about 46.4 million b/d, with the countries of the Americas, led by the acquisition of The United States of America accounted for the bulk of this rise in light of the recovery in demand for gasoline and diesel.

It is also expected that the demand of countries outside the Organization for Economic Cooperation and Development will increase by about 1.5 million b/d, or by 2.8%, to reach about 53.7 million b/d, supported by the steady increase in demand for industrial and transportation fuels, coinciding with the recovery of economic activity and the easing of restrictions. linked to the coronavirus in China.

It should be noted that the outlook is still subject to a state of uncertainty related to the sum of doubts and fears, the most important of which are: escalating geopolitical tensions in Eastern Europe, challenges related to the possibility of the re-emergence of the Corona virus and its new variants and its impact on transport fuels, bottlenecks in supply chains, high inflation levels, and the impact of Technological developments including digitization and electric vehicles, as well as ongoing trade issues and their impact on industrial fuel requirements.

Related Articles

Back to top button