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OPEC sees recovery in world oil demand, reaching pre-pandemic level in 2022.

OPEC has forecasted that the demand for its product is indicated to increase as of the pre-pandemic level with the demand from countries such as the united states, China and India.

The Organization of the Petroleum Exporting Countries (OPEC)
An intergovernmental organization comprised of 13 Member countries that seek to coordinate petroleum policies and support balance in the oil market has stated that In 2021, world oil demand growth is forecast at 6.0 mb/d, unchanged from last month’s assessment, although there have been some regional revisions. Total oil demand is projected to average 96.6 mb/d.

Solid expectations exist for global economic growth in 2022. World oil demand is anticipated to rise by 3.3 mb/d y-o-y in 2022, while total world oil demand is projected to average 99.86 mb/d, with the 100 mb/d marks exceeded in 2H22.

As the world is recovering from the pandemic with the improved containment of Covid-19 with the safety measures being followed strictly and the vaccination drives being run effective Globally and is reviving back to the normal what we were before the pandemic.
Hence OPEC is fully confident about the increase of demand for its product and is ready to deliver it along with its allies.

While also stating about the Non-OPEC liquids supply in 2021 is revised down by 0.03 mb/d, despite upward revisions to the US and Canada. Growth is now at 0.81 mb/d for an average of 63.8 mb/d. The initial forecast for 2022 sees non-OPEC liquids supply growing by 2.1 mb/d, with a 1.1 mb/d expansion in the OECD, 0.8 mb/d growth in the non-OECD, and a 0.1 mb/d recovery in processing gains.

Our newly assigned India’s Union Minister for Housing & Urban Affairs & Minister for Petroleum and Natural Gas, Hardeep Singh Puri. Had also had talks with the one of the key member Sultan Ahmad Jaber, the head of Abu Dhabi National Oil Company regarding the prices of the petroleum. Said in his tweets.

“Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers”.

“Had a warm courtesy call with HE Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and MD & Group CEO of @AdnocGroup. Discussed ways and means to invigorate the vibrant bilateral strategic energy partnership between India and UAE.” He tweeted.

What do you think?

Ravi Tilekar

Written by Ravi Tilekar

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