The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday maintained its forecasts of robust growth in global oil demand in 2022 and 2023, citing signs that major economies are doing better than expected. , despite headwinds such as rising inflation.
Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and 2.7 million bpd in 2023, unchanged from last month, OPEC said in a monthly report.
Oil consumption has rebounded from pandemic lows, although high prices and coronavirus outbreaks in China have reduced growth projections for 2022.
OPEC now sees demand surpass that of 2019 in 2023, having said this year that it expected that to happen in 2022.
“Oil demand in 2023 is expected to be supported by still solid economic performance in major consuming countries, as well as potential improvements in Covid-19 restrictions and reduced geopolitical uncertainties,” OPEC said in the report.
The group and allies including Russia, collectively known as OPEC+, have ramped up oil production this year as they look to reduce record cuts implemented in 2020 after the pandemic slashed demand.
However, in recent months OPEC+ has failed to achieve its planned production increases due to underinvestment in oilfields by some members and losses in Russian production.
Source: CNN Brasil
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