January 30, 2023

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OPEC expects oil demand to increase in the second half of 2022

The Organization of the Petroleum Exporting Countries (OPEC) released its report for June today, Tuesday, because oil demand in 2022 was expected to grow by 3.4 million barrels a day, but it is expected to pick up speed. By controlling inflation and conflict over the international economy, growth in oil demand will slow for the next half year.

OPEC raised its oil demand forecast in the third and fourth quarters, while lowering it in the second quarter of this year. The organization expects oil demand to increase by 3.1 million barrels per day in the second half of 2022, according to daily demand. It will reach 101.8 million barrels in the second half of the year, confirming the expectation that oil demand will be higher than before the Corona level by 2022.

And according to a Bloomberg OPEC representative, world oil consumption is expected to increase by 1.8 million barrels a day next year, to 3.4 million barrels a day this year. The forecasts will be reviewed next week by representatives of the panel member states.

OPEC production fell by 176,000 barrels a day in May compared to April, and the OPEC report attributed the decline to production in Iran and Iraq. And Libya Nigeria and Gabon. Global oil production fell to 98.75 million barrels per day in May.

On a quarterly basis, Russian production fell by 930,000 barrels per day in the second quarter, the report said.

OPEC and its allies surprised energy markets earlier this month by agreeing to speed up production that was halted during the epidemic, but spare production capacity was limited to Saudi Arabia, the United Arab Emirates, Iraq and Kuwait.

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The Organization for Economic Co-operation and Development said last week that the world economy would pay a heavy price for the war in Ukraine, which includes weak growth, strong inflation and long-term damage to supply chains.