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JP Morgan forecasts increase in regional oil demand

Oil&Gas Materials 1 December 2021 13:11 (UTC +04:00)
JP Morgan forecasts increase in regional oil demand

BAKU, Azerbaijan, Dec.1

By Leman Zeynalova – Trend:

World oil demand is expected to grow from 96.4 million barrels per day (mbd) in 2021 to 99.8 mbd in 2022, showing a 3.5 percent increase year-on-year, Trend reports with reference to the US JP Morgan Bank.

The Bank expects the upward trend to continue in 2023 with 101.5 mbd.

The table below shows the regional oil demand in 2021-2023 (in mbd):

Region

2021

2022

2023

North America

23.8

25

25.1

Latin America

6.4

6.6

6.7

Europe

13.7

14.1

14.2

FSU

4.7

4.8

4.9

Middle East

8.3

8.5

8.6

Africa

4.1

4.2

4.3

Asia Pacific

35.4

36.6

37.6

JP Morgan notes that world oil demand amounted to 91.9 mbd in January 2021, 92.9 mbd in February, 95.2 mbd in March, 94.1 mbd in April, 94.1 mbd in May, 97.5 mbd in June, 96.7mbd in July, 97.9 mbd in August and 99.1 mbd in September, 98.0 mbd in October. The demand for November and December will stand at 99.5 mbd each.

Monthly oil demand forecasts for 2022 are as follows: 97.6 mbd in January, 99.6 mbd in February, 97.7 mbd in March, 98.9 mbd in April, 98.3 mbd in May, 99.9 mbd in June, 101.4 mbd in July, 101.6 mbd in August, 99.9 mbd in September, 100.5 mbd in October, 101.3 mbd in November and 101.1 mbd in December.

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