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OPEC Maintains World Demand Forecast: Monthly Report

OIL

OPEC has kept to its forecast that world oil demand will exceed pre-pandemic levels in 2022 in its monthly report released today but cited the Russian invasion of Ukraine and a lingering pandemic as considerable risks to the forecast.

  • OPEC maintained its forecast that world demand would rise by 3.36 million bpd in 2022.
  • "Inflationary pressures are likely to persist and it remains highly uncertain as to when geopolitical issues may be resolved. Nevertheless, oil demand is forecast at healthy levels in the second half of this year." OPEC said in the report.
  • OPEC expects world consumption to surpass the 100 million bpd mark in the third quarter, in line with earlier projections, and for the 2022 average to reach 100.29 million bpd, just above the pre-pandemic rate in 2019.
  • The report showed OPEC output in May fell by 176,000 bpd to 28.51 million bpd.
  • OPEC and its allies have been trying to ramp up production to move away from the cuts it was forced to make in the pandemic but has been consistently undershooting targets which have been weighing on oil markets, especially since Russia invaded Ukraine.
Energy BulletsCommodities
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