OPEC projects 28.8m barrels per day oil demand for 2022

Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) has stated that the cartel’s forecast for crude oil demand in 2022 is 28.8 million barrels per day.

The Nigerian News Agency reports that Barkindo spoke on Tuesday at the 24th OPEC Ministerial Meeting and Non-OPEC Video Conference, in Vienna, Austria.

He said: “OPEC demand for crude in 2021 is 27.8 mb/d, about 4.9 mb/d higher than in 2020.

“OPEC’s forecast for crude oil demand in 2022 is 28.8 mb/d, about 1.0 mb/d more than in 2021.

“The potential implications of large uncertainties about global oil supply and demand during 2022 are highlighted in the scenario analysis and will be further detailed in the Research Division presentation.”

Barkindo said that the dawn of a new year generally generates hope and optimism for the next 12 months.

He noted that in the case of 2022, this outlook correlates with a generally positive trajectory relative to market fundamentals.

According to him, while there are some uncertainties, particularly related to the mutations of the coronavirus, there are indications that the world economy will recover.

He said this was supported by the contribution of the countries participating in the ‘Declaration of Cooperation to the stability of the oil market, which could continue into the next year.

Barkindo said: “The world Gross Domestic Product growth forecasts for 2021 and 2022 are 5.5 per cent and 4.2 per cent, respectively.

“It is estimated that world oil demand grew 5.7 mb/d in 2021 and will grow 4.2 mb/d in 2022.

“Non-OPEC liquid supply growth in 2021 is forecast at 0.7 mb/d year-on-year at an average of 63.7 mb/d.

“The non-OPEC supply growth forecast for 2022 remains at around 3.0 mb/d, at an average of 66.7 mb/d.

“OPEC crude oil production increased by 275 tb/d in November month-on-month to an average of 27.72 mb/d, according to secondary sources.”