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Global oil demand growth in 2022 will exceed 2019 levels

 Last Update: 2023-03-08
 Source: Internet
 Author: User

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According to an analysis released by OPEC's February Oil Market Report, global oil demand is expected to grow by 4.
2 million b/d in 2022 to 100.
8 million b/d, exceeding the level
of 2019.

Demand in OECD countries is expected to grow by 1.
8 million b/d, with oil demand in the US rising by 1.
1 million b/d, driven by growth in the number of car trips, the development of manufacturing, and higher demand for petrochemical raw materials.
Oil demand is expected to increase by 600,000 b/d
as the recovery in intra-European and international aviation demand drives jet fuel demand and manufacturing development drives diesel demand.
Japan's announcement of gasoline subsidies and petrochemical industry demand for oil is expected to grow by 200,000 b/d
.

Oil demand in non-OECD countries is expected to grow by 2.
3 million b/d, beating the 2019 growth level of 2 million b/d, with China, India and other Asian countries being the main drivers, accounting for more than
two-thirds of the growth.

In 2022, non-OPEC supply growth is expected to come mainly from the United States, Russia, Brazil, Canada, Kazakhstan, Norway and Guyana, with lower
production in Egypt and Indonesia.

Source: OPEC Oil Market Report for February

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