BAKU, Azerbaijan, Sept.8
By Leman Zeynalova - Trend:
The global oil demand is forecast to grow by 4.5 million barrels per day (b/d) year-on-year in 2022, Ann-Louise Hittle, Vice President, Oils Research at Wood Mackenzie, a global energy, chemicals, renewables, metals and mining research and consultancy group based in the UK told Trend.
Ann-Louise Hittle noted that as long as the OPEC+ continues to support the current agreement to rise oil output by 400,000 b/d a month through end-September 2022, Wood Mackenzie expects price stability in the current range of around $70 per barrel for Brent.
“Our forecast for the rest of 2021 and for 2022 takes into account the current agreement to bring back 1.7 million b/d of production, and further moderate gains. The market can absorb these gains from OPEC+ in our current forecast due to the global demand growth we expect for Q4 2021 and for 2022, when global demand is forecast to rise by 4.5 million b/d year-on-year. That growth helps absorb the planned increases from OPEC+. We forecast Brent to average $67 per barrel in 2022, down slightly from our view for 2021 to average $69 per barrel,” she added.
Oil prices rose on Sept.8, amid demand concerns and a stronger dollar, coupled with slight output recovery in the U.S. Gulf of Mexico.
The West Texas Intermediate (WTI) crude futures grew by 43 cents, or 0.6 percent and stood at $68.78 a barrel at 0643 GMT.Brent futures rose by 34 cents, or 0.5 percent, at $72.03.
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