The Organization of the Petroleum Exporting Countries (OPEC) downgraded its forecast for the global oil demand growth in 2021 to 5.8 million barrels daily (bpd) from the previous estimate of 6 million bpd, maintaining the 2022 forecast unchanged at 4.2 million bpd.
“World oil demand is estimated to increase by 5.8 mb/d in 2021, revised down from 5.96 mb/d in the previous month’s assessment. The downward revision is mainly driven by lower-than-expected actual data for the first three quarters of this year, despite healthy oil demand assumptions going into the final quarter of the year, which will be supported by seasonal uptick in petrochemical and heating fuel demand and the potential switch from natural gas to petroleum products due to high gas prices,” OPEC said in its monthly oil market report.
The global oil demand is currently estimated at 96.6 million bpd, according to OPEC.
“For 2022, world oil demand growth is unchanged at 4.2 mb/d. As a result, global demand next year is seen averaging 100.8 mb/d. Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic,” OPEC added.