OPEC expects growth in global oil demand in 2021-2022

The Organization of Petroleum Exporting Countries (OPEC) maintains its forecast for global oil demand in 2021 for the third month in a row - it expects an increase of 6 million barrels per day and predicts a growth in demand in 2022 by 3.3 million barrels, while the target is 100 million barrels per day may be exceeded in the second half of next year, Report informs, citing the organization.

According to it, the growth of global oil demand in 2021 will amount to 6 million barrels per day, that is, unchanged compared to the previous forecast. Total oil demand is projected at an average of 96.6 million barrels per day.

Global oil demand is expected to grow by 3.3 million barrels per day in 2022 compared to 2021, with total demand expected to average 99.86 million barrels per day, exceeding the 100 million barrels per day target in the second half of 2022.

Analysts say they have high expectations for global economic growth in 2022, including through improved containment of the spread of COVID-19, especially in developing countries. In these countries, oil demand is projected to reach pre-pandemic levels in 2022.