OPEC keeps forecast for global oil demand growth in 2022

OPEC has maintained its forecast for the growth of world oil demand in 2022 at the level of 3.4 million barrels per day, according to the June report of the organization, Report informs.

“In 2022, oil demand growth remains unchanged at 3.4 mb/d as compared to the May MOMR. World oil demand is projected to average 100.29 mb/d, which is same as the previous month’s estimates, and demand is expected to exceed 2019 by 0.09 mb/d,” reads the report.

“In 1Q22, world oil demand recorded robust growth of 5.2 mb/d, mainly due to a strong economic rebound supported by further easing of COVID-19 containment measures, particularly in OECD countries. OECD oil demand grew by 3.4 mb/d y-o-y while non-OECD requirements gained 1.9 mb/d as compared to the same quarter in 2021.

Diesel and gasoline are anticipated to record the highest gains among petroleum products y-o-y on the back of increasing mobility and healthy industrial activity globally. The easing of supply chain bottlenecks in major consuming countries will support oil demand, with light distillates largely supported by strong petrochemical demand, notably in China, the US and India. The recovery in global air travel amid declining COVID-19 infections is expected to further support jet kerosene demand,” OPEC noted.