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Petroleum-LOpep Maintains Its Demand Forecasts for 2022 and 2023 | Photo credit: Shutterstock
by Alex Lawler
LONDON, Sep 13 (Reuters) – OPEC confirmed on Tuesday it expects sustained growth in global oil demand this year and next, citing signs that major economies are doing better than expected despite an unfavorable environment.
Crude oil demand is expected to increase by 3.1 million barrels per day (bpd) in 2022 and 2.7 million bpd in 2023, the Organization of Petroleum Exporting Countries said, unchanged from last month.
Oil consumption rebounded last year with the end of most containment measures, but rising prices and the resurgence of the COVID-19 pandemic in China have led to a downward revision of the forecast for 2022.
OPEC explained last month that this reduction corresponded to a simple postponement to 2023 of the stage where consumption will eventually exceed the level of 2019.
“Oil demand in 2023 is expected to be supported by the still strong economic performance in major consumer countries, as well as possible improvements in COVID-19 restrictions and a reduction in geopolitical uncertainties,” reads its report released Tuesday.
Global crude oil consumption is estimated to average 102.73 million barrels per day in 2023.
“While the US and China in particular faced difficulties in the first half of 2022, their economies are likely to recover in the second half,” explains the report, which also refers to the “unexpected strength” of the eurozone economy in The first half.
The report also shows that OPEC production increased by 618,000 barrels per day in August, to 29.65 million barrels per day.
(Alex Lawler report, French version Marc Angrand)
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