The Strategist

OPEC forecasts global oil production and demand for 2022

02/11/2022 - 07:03

OPEC did not change its forecast for global oil demand growth, expecting an increase of 4.2 million barrels per day in 2022, the organization said in a February report.

"In 2022, global oil demand growth is expected to be 4.2 million bpd, unchanged from last month," the report said.

Oil demand growth is projected at 1.8 million bpd for Organization for Economic Cooperation and Development (OECD) countries and 2.3 million bpd for non-OECD countries, the same as in January.

At the same time, the forecast for global oil demand growth in 2021 is unchanged from last month's estimate of 5.7 million bpd, the report said.

The organization expects global oil consumption to reach 100.8 million bpd in 2022, compared to 96.6 million bpd in 2021 and 91 million bpd in 2020. The figures are unchanged from the January estimates.

The report's authors also note that the optimism in OECD countries is driven by economic growth. Meanwhile, the supportive effects of fiscal and monetary policies more than offset the negative impact of the Omicron strain on oil demand.