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OPEC maintains forecast for global oil demand growth above pre-pandemic levels

According to the report, global oil demand is projected to average at 100.29 mln bpd, as was expected a month earlier

MOSCOW, June 14. /TASS/. OPEC maintained its forecast for global oil demand growth in 2022 at 3.4 mln barrels per day (bpd) compared to 2021, the organization said in its June report.

According to the report, global oil demand is projected to average at 100.29 mln bpd, as was expected a month earlier, and is forecast to exceed 2019 levels by 0.09 million bpd. According to OPEC, global demand will average 101.8 mln bpd in the second half of 2022, compared to 98.7 mln bpd in the first half of the year.

OPEC lowered its forecast for oil demand in Q2 2022 due to lockdowns in China, but improved it for the second half of the year because of expectations of higher demand during the summer travel season. The organization expects economic growth to pick up by the end of the Q2.

The growth of demand in OECD countries in the second half of the year is expected to reach 1.2 mln bpd, in countries outside the OECD - 1.6 mln bpd, mainly because of China, India, as well as other countries in Asia and the Middle East.

At the same time, the organization lowered its forecast for the growth of oil supplies from non-OPEC countries in 2022 by 0.25 mln bpd to 2.1 mln bpd. Forecast for growth in US supplies remained at 1.3 mln bpd. The United States, Brazil, Canada, Kazakhstan, Guyana, and China are expected to be the main drivers of growth in non-OPEC supplies this year, while the organization forecasts decline in Russia, Indonesia, and Thailand. At the same time, the decline in production in Russia could be offset by growth in other regions, such as Latin America, OPEC reported.

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