World oil demand is predicted to surpass the 100 million barrels per day (bpd) mark within the second half of 2022, due to stable financial progress and expectations of continued success in containing the pandemic, OPEC stated on Thursday.
Global financial progress is about to leap by 5.5 % this 12 months and one other 4.1 % subsequent 12 months, the cartel stated in its closely-watched Monthly Oil Market Report launched on Thursday.
OPEC sees world oil demand rising by 6 million bpd this 12 months, unchanged from final month’s evaluation. Total oil demand is projected to common 96.6 million bpd in 2021.
Next 12 months, world oil demand will rise by an extra 3.3 million bpd over 2021 to common 99.86 million bpd, roughly returning to the typical demand of 2019, earlier than the pandemic. The 100-million-bpd mark can be exceeded within the second half of 2022, OPEC stated.
Oil demand in developed economies is about to rise by 1.5 million bpd in 2022 over 2021, with U.S. oil demand main the rise, though American oil demand can be marginally beneath 2019 ranges, primarily on account of lagging transportation gas demand. OECD Europe and Asia Pacific will even develop, however stay beneath 2019 ranges.
Led by China and India, oil demand in creating economies is projected to extend by 1.8 million bpd in 2022 and exceed pre-pandemic ranges. This progress can be supported by the restoration in transportation fuels and agency industrial fuels demand, together with petrochemical feedstocks. In phrases of fuels, gasoline and diesel are anticipated to steer oil demand progress in 2022, OPEC stated.
Jet gas will proceed to get better, due to home and worldwide air journey, however enterprise journey is predicted to lag.
OPEC flagged numerous uncertainties within the 2022 outlook, together with the pandemic-related impression on transportation fuels and acceleration of inflation in case of sturdy progress.
By Tsvetana Paraskova for Oilprice.com