BAKU, Azerbaijan, October 29. Global oil supply forecast for 2022 has been downgraded by 210,000 b/d from 4.8 million b/d to 4.6 million b/d, Trend reports via the latest oil market review from the Oxford Institute for Energy Studies (OIES).
The world oil supply in 2022 is expected at 99.9 million b/d, the OIES said.
As for 2023 forecast, the OIES expects global oil supply growth to decrease by 690,000 b/d from 1.7 million b/d to just 1 million b/d, “mainly due to the agreed OPEC+ output cuts, but downward revisions are moderated by a 270,000 b/d upgrade of Russian oil production in 2023 and small gains in non-OPEC growth outside NAM and OPEC+”. The total world supply in 2023 is projected at 100.9 million b/d.
“OPEC+ output cuts in November have pushed the global supply growth in 2023 lower by around 700,000 b/d, but the downgrade is moderated by improvements in non-OPEC. OPEC+ response is consistent with past behavior reflecting its willingness to remain proactive amid falling markets, to preserve cohesion of Group and to extend the DoC,” the report noted.
Meanwhile, global oil demand growth is downgraded to 1.8 million b/d from 2.2 million b/d in 2022 and to 1.7 million b/d from 2.1 million b/d in 2023. Thus, world oil demand is projected at 99.5 million b/d in 2022 and at 101.2 million b/d in 2023.
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