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OPEC MOMR Headlines

OIL
  • World economic growth in 2022 unchanged at 3.5%, with 2023 global growth expected of 3.2%. Significant downside risks exist, due to ongoing geopolitical tensions, the pandemic, inflation, supply chain issues, high sovereign debt, and central bank tightening.
  • World oil demand growth in 2022 unchanged at 3.4mbpd. OECD is 1.8mbpd and non-OECD 1.6mbpd. Total oil demand is projected to average 100.3mbpd.
  • Non-OPEC supply growth in 2022 unchanged at 2.1mbpd to average 65.7 mb/d. The main growth expected to be the US, Canada, Brazil, China, Kazakhstan and Guyana, with declines from Russia, Indonesia and Thailand. In 2023, non-OPEC production is projected to grow by 1.7mbd to 67.4mbpd.
  • Demand for OPEC crude in 2022 unchanged at 29.2 mb/d. In 2023, demand for OPEC crude is expected at 30.1 mb/d.

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