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After Revisions Made, OPEC Calculated That Global Oil Demand This Year Will Reach 100 Million Barrels Per Day
The OPEC (Organization of the Petroleum Exporting Countries) revised its forecast for the global oil demand increase in 2022, where the organization previously anticipated an increase of about 300 thousand barrels of oil per day (bpd) to 3.1 million barrels of oil per day, according to a monthly report published this Thursday, 11.
In summary, OPEC predicts that the OECD (Organization for Economic Cooperation and Development) will be responsible for 1.6 million barrels of oil per day, and countries outside the group for 1.5 million bpd.
Now, with the revisions made and recalculated, OPEC forecasts that global demand this year in 2022 will reach 100 million barrels of oil per day.
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For the year 2023, OPEC declared that the projection is that global consumption will expand by 2.7 million bpd, to 102.7 million bpd.
Additionally, the demand for oil could significantly increase due to the severe heatwaves in Europe and the gas shortage. In a monthly report published this Thursday, 11, the IEA raised its projection for the global oil demand increase in 2022 to 380 thousand barrels per day, to 2.1 million bpd.
OPEC Maintains Oil Supply Forecast
In the report released this Thursday, 22, OPEC maintained its forecast for the increase in oil supply from producers outside the group in 2022, rising from 2.1 million bpd to 65.8 million bpd.
The countries that may further contribute to the supply increase in 2022 are the US, Canada, Brazil, China, and Guyana, according to OPEC. However, a decline in oil production is expected in Indonesia and Thailand.
For the year 2023, OPEC’s forecast remains an increase of 1.7 million bpd in oil supply outside the cartel, to 67.5 million bpd.
Still in the report, OPEC states that its oil production grew by about 162 thousand barrels in July compared to June, to an average of 28.84 million barrels, according to secondary sources.
OPEC Confirmed the Increase of 100 Thousand Barrels of Oil Per Day in September
This increase made by the Organization will not replace the elevations agreed upon in July, when OPEC decided to add about 648 thousand bpd to its monthly production for July and August. This decision was anticipated by the international press and followed the recommendations of its Joint Ministerial Monitoring Committee (JMMC).
In a statement, OPEC highlighted that oil stocks among the countries of the Organization for Economic Cooperation and Development (OECD) fell by about 2.712 million barrels in June, causing emergency stocks to reach their lowest level in the last 30 years.
According to OPEC data, the capacity that exceeded its production should be used extremely cautiously, especially given the dynamic and supply-shock-prone scenario.
The OPEC members responsible for the group noted with “particular concern” that the current low level of investments in oil exploration could “impact the availability” of oil to meet a “growing demand beyond 2023” from countries that produce the commodity but are not part of OPEC and from some member countries of the group.
The next OPEC ministerial meeting is scheduled for September 5, 2022.
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