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OPEC shares outlook on global oil demand

Economy Materials 13 September 2022 18:04 (UTC +04:00)
OPEC shares outlook on global oil demand
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, September 13. Global oil demand growth in 2022 is expected at ‘a healthy level’ of 3.1 million barrels per day, Trend report citing OPEC.

“This includes the recently observed trend for additional oil demand growth due to fuel switching in power generation,” OPEC said.

According to the forecast, OECD’s oil demand in 2022 is projected to increase by 1.6 million barrels per day, while non-OECD’s demand - is by 1.5 million barrels per day.

As OPEC noted, the forecast for the second quarter of 2022 is revised upwards due to better-than-expected oil demand in the main OECD consuming countries, while the third and fourth quarters have seen offsetting revisions.

Meanwhile, global oil demand in 2023 is expected at 2.7 million barrels per day, which is also unchanged from the previous forecast.

“The OECD is expected to grow by 0.6 million barrels per day, and the non-OECD - by 2.1 million barrels per day. Oil demand in 2023 is expected to be supported by a still-solid economic performance in major consuming countries, as well as potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties,” the report noted.

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