The Organization of Petroleum Exporting Countries (OPEC) keeps the forecast of oil demand growth at the level of 4.2 mln barrels per day in 2022 and at the same time slightly revises the growth estimate as of 2021 year-end to 5.7 mln barrels daily, OPEC says in its February report.
Oil demand as of 2021 year-end moved by 3.1 mln barrels daily in non-OECD countries and by 2.6 mln barrels daily in OECD states, with the US taking the lead in consumption growth - by 1.6 mln barrels per day. This ratio is expected to be 1.8 mln barrels daily and 2.3 mln barrels daily in 2022 accordingly. Higher industrial activity promotes growing demand for petroleum products, particularly diesel oil. Air transportation is also gradually recovering.
According to OPEC estimate, the demand totaled 96.6 mln barrels per day as of 2021 year-end. In 2022, the demand is expected to move to 100.8 mln barrels daily, to be 0.7 mln barrels per day above the volume in pre-COVID crisis year of 2019, according to the report.
