BAKU, Azerbaijan, December 16. Global oil demand growth forecast for 2022 has been kept unchanged, and is expected to stand at 2.5 mb/d, Trend reports via monthly oil outlook from OPEC.
At the same time, "the oil demand was adjusted higher in the 3Q22, amid better-than-anticipated transportation fuel consumption in OECD, offset by a downwardly revised estimate for 4Q22 due to a slowdown in the non-OECD amid reduced mobility and sluggish industrial activity in China," the reports said.
Thus, the total world oil demand is now projected at 99.6 mb/d.
"In the OECD region, oil demand is expected to rise by around 1.4 mb/d to 46.2 mb/d y-o-y. 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," OPEC noted.
According to the report, total oil demand in the non-OECD region is expected to increase by about 1.2 mb/d to 53.4 mb/d during the year. In India, the Middle East and elsewhere in Asia, the recovery is projected to lead to a steady increase in demand for industrial and transportation fuels in 2022.