Mohammad Barkindo, the Secretary General of Organization of Petroleum Exporting Countries (OPEC) has stated that OPEC’s forecast for crude oil demand will be 28.8million barrels per day, in 2022.
Barkindo speaking at the 24th OPEC Ministerial Meeting and NON-OPEC Video conference in Vienna, Australia on Tuesday, said, OPEC demand for crude in 2021 is 27.8 mb/d, about 4.9mb/d higher than it was in 2020.
While OPEC’s forecast for crude oil demand in 2022 is 28.8mb/d, about 1.0mb /d more than in 2021.
He assured that, the potential implications of large uncertainties about global oil supply and demand during 2022 are culminated in the scenario analysis and will be further detailed in the Research Division’s presentation.
The Secretary General stated the usual euphonic optimism that comes with the dawn of a new year for the 12 months ahead, could be related to the progression to the market fundamentals.
He said, even though there are some variations related to the alteration of the coronavirus, there are major indications that the world economy will recuperate.
Adding that, this is backed by the bestowment of the countries participating in the ‘Declaration of Cooperation’ to the invariability of the oil market, which could continue in the year ahead.
“The world Gross Domestic Product growth forecasts for 2021 and 2022 are 5.5% and 4.2%, respectively. It is estimated that world oil demand grew 5.7mb/d in 2021 and will grow 4.2mb/d in 2022.
“Non-OPEC liquid supply growth in 2021 is forecast at 0.7mb/d year-on-year at an average of 63.7mb/d. The non-OPEC supply growth forecast for 2022 remains at around 3.0mb/d, at an average of 66.7mb/d.” He said.
Barkindo also stated that, according to secondary sources, OPEC crude oil production increased by 275tb/d in November month-on-month to an average of 27.72 mb/d.
