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OPEC Sticks to Robust Demand Outlook

OIL

OPEC on oil demand: Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023, unchanged from last month.

  • OPEC now sees oil use exceeding 2019's rate in 2023. They previously forecast that to happen in 2022.
  • "Oil demand in 2023 is expected to be supported by a still-solid economic performance in major consuming countries, as well as potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties," the report said.

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