BAKU, Azerbaijan, December 18. Global oil demand growth forecast for 2022 has been kept unchanged, and is expected to stand at 2.5 mb/d, Trend reports via monthly oil outlook from OPEC.
"Oil demand was adjusted downward mostly in 3Q22, amid data showing a drop in China’s oil demand, due to reduced mobility and manufacturing activity as a result of the zero COVID-19 policy restrictions as well as some slight slowdown in OECD countries towards the end of the year," the report said.
According to the outlook, in contrast, non-OECD countries outside of China were revised higher, due to improvements in economic activity in some countries.
Thus, the total world oil demand is now projected at 99.6 mb/d. At the same time, global oil demand in 2022 shows an increase of 2.62 percent, compared to 2021.
Meanwhile, global oil demand growth forecast for 2023 is expected to stand at 2.2 million barrels per day (mb/d) - also unchanged from the previous estimations. The total world oil consumption in 2023 stands at 101.8 mb/d, the outlook said.