OPEC's monthly report was released yesterday. Analysts of the cartel lowered the estimate of oil demand growth in 2021 to 5.8 million barrels per day (b/d) compared to 5.96 million b/d in the previous forecast. Thus, global demand in 2021 will average 96.6 million b/d.
"The downward revision is mainly due to lower-than-expected actual data for the first three quarters of this year, despite assumptions about good demand for oil in the last quarter of the year, which will be supported by a seasonal increase in demand for fuel for petrochemicals, heating and a potential transition from natural gas to petroleum products," the report says.
The forecast of demand growth in 2022 is maintained at the level of the previous report's estimate of 4.2 million b/d (100.8 million b/d). The forecast was influenced by expectations of high economic growth rates in the main consumer countries as they gradually emerge from the pandemic. The organization predicts that the demand for oil in 2022 will reach 100.8 million b/d, which will exceed.
"The downward revision is mainly due to lower-than-expected actual data for the first three quarters of this year, despite assumptions about good demand for oil in the last quarter of the year, which will be supported by a seasonal increase in demand for fuel for petrochemicals, heating and a potential transition from natural gas to petroleum products," the report says.
The forecast of demand growth in 2022 is maintained at the level of the previous report's estimate of 4.2 million b/d (100.8 million b/d). The forecast was influenced by expectations of high economic growth rates in the main consumer countries as they gradually emerge from the pandemic. The organization predicts that the demand for oil in 2022 will reach 100.8 million b/d, which will exceed.