OPEC retains forecasts for global oil demand for 2021-2022

Growth expectations for global oil demand in 2021 remained unchanged from the previous month’s estimate, OPEC said in its August report.

“It is estimated that oil demand will continue to increase by about 6 thousand barrels per day and will average 96.6 thousand barrels per day. However, in Q1 2021, some revisions were taken into account due to the slower-than-expected demand from OECD Americas, offset by better-than-expected data from non-OECD countries in Q2 2021,” the report said.

By 2022, world oil demand to grow by 3.3 thousand barrels per day compared to last year. The estimate is unchanged from the previous month. According to forecasts, the total global demand for oil will exceed 100 thousand barrels per day in the 2nd half of 2022 and will reach 99.9 thousand barrels per day on average for the entire 2022.

OPEC predicts that economic activity will continue to gain momentum thanks to massive stimulus measures. In addition, the COVID-19 pandemic is to be controlled through vaccination programs and improved treatment, leading to further economic recovery and sustained growth in oil demand in both OECD and non-OECD countries.