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11 Nov 2021, 15:23

Oil demand in 2022 can be above pre-crisis level in 2019, OPEC says

According to OPEC, oil demand can reach 100.6 mln barrels per day in 2022

MOSCOW, November 11. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) keeps the oil demand growth forecast for 2022 at the level of 4.2 mln barrels daily. Global oil consumption can surpass the pre-crisis figure, OPEC says in its November report.

According to OPEC, oil demand can reach 100.6 mln barrels per day in 2022, which is 0.5 mln barrels per day above the level in 2019.

The global oil demand will grow by 5.7 mln barrels per daily. The estimate was revised downward by 160,000 barrels per day against the prior one.

The downgrade of the outlook is driven by oil consumption rates in China and India being lower than expected in the third quarter of 2021. The global oil demand is now expected to reach 96.4 mln barrels a day in 2021.