BAKU, Azerbaijan, March 14. Global oil demand growth in 2022 is estimated at 2.5 million barrels per day (mb/d) year-on-year, Trend reports via monthly oil outlook from OPEC.
Mainly, in the 1Q2022 global oil demand is forecast at almost 99.45 mb/d, in 2Q2022 - at 98.28 mb/d, in 3Q2022 - 99.49 mb/d, and in 4Q2022 - at 101.1 mb/d.
Thus, total world oil demand is estimated to have averaged 99.6 mb/d over the last year.
However, to reflect historical data, oil demand in the 4Q22 has been adjusted downward in the OECD countries of the Americas and Europe, while in the OECD Asia-Pacific region it has been adjusted upwards slightly, the report said.
"Similarly, oil demand in non-OECD countries is revised higher due to improvements in economic activity in some countries and a recovery in oil demand in China after the zero-COVID-19 policy was abandoned," OPEC added.
Meanwhile, it is estimated that non-OPEC oil supply will increase by 1.9 mb/d in 2022 (including process increments) to an average of 65.8 mb/d, largely unchanged from the previous month’s estimate.