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The Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast on global oil demand growth for 2021 and 2022, and raised its estimates for the growth of the global economy.
Global oil demand is estimated to increase by around 6 million barrels per day (bpd) to average 96.6 million bpd, OPEC said in its monthly report.
For 2022, world oil demand is still projected to increase by 3.3 million bpd, unchanged from last month’s assessment, the report said.
Total world oil demand is projected to surpass the 100 million bpd threshold in H2 2022 and reach 99.9 million bpd on average for the whole of 2022.
“Global economic growth forecasts for both 2021 and 2022 were revised up by 0.1 percentage point, and hence growth for 2021 now stands at 5.6%, while growth in 2022 is now expected at 4.2%,” the report said.
Meanwhile, the organization raised its forecast for non-OPEC supply growth for 2021 and 2022 by 0.27 million bpd and 0.84 million bpd, respectively.
OPEC crude oil production in July increased by 637,000 bpd, to average 26.65 million bpd, the report noted.
