The Strategist

OPEC maintains forecast for global oil demand growth in 2022

06/15/2022 - 09:18

In a recently released study, OPEC maintained its prediction for global oil demand growth in 2022 at 3.4 million barrels per day.

The research stated that "oil demand growth in 2022 will stay constant from the May prediction of 3.4 million barrels per day."

As a result, OPEC forecasts global oil consumption to average 100.3 million barrels per day in 2022.

"OECD global oil consumption climbed by 3.4 million barrels per day in the second quarter of 2022 compared to the same time last year, while non-OECD demand increased by 1.9 million barrels per day," according to the research.

In the first quarter, global oil consumption increased by 5.2 million bpd, owing mostly to a robust economic rebound following the lifting of coronavirus restrictions.

OPEC anticipates resurgence in global air travel and the alleviation of supply chain problems to strengthen demand for petroleum products,.