BAKU, Azerbaijan, November 14. Global oil demand growth forecast for 2022 has been revised down by 0.1 million barrels per day (mb/d) and is expected to stand at 2.5 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the forecast, the prolongation of the COVID-19 restrictions in China, as well as the economic challenges in OECD Europe, weigh on the global oil demand.
Thus, the total world oil demand is now projected at 99.6 mb/d.
“In the OECD region, oil demand is anticipated to rise by about 1.3 mb/d to 46.1 mb/d year-on-year. OECD Americas demand is expected to rise the most in 2022, led by the US on the back of recovering gasoline and diesel demand. Light distillates are also projected to support demand growth this year. In the non-OECD region, total oil demand for the year is anticipated to rise by nearly 1.3 mb/d to 53.5 mb/d,” the outlook said.
As OPEC noted, sustained growth in demand for industrial and transportation fuels, supported by potential economic recovery, is projected to increase regional demand in 2022.
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