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International Energy Agency: Global oil demand to increase by 3 million barrels per day in 2022

It is estimated that the global oil demand will reach 99 million 500 thousand barrels next year with an increase of approximately 3 million barrels per day compared to this year.

According to the International Power Agency’s (IEA) oil market report for June, the strong growth in the global economy, the acceleration of vaccination efforts for the new type of coronavirus (Kovid-19) epidemic and the easing of restrictions oil demand will be the driving force in the recovery.

While the positive outlook in the global economy is expected to continue in the rest of this year and in 2022, the global oil demand is expected to increase by 4.6 million barrels per day in the second half of the year compared to the first half, especially with the effect of the easing of the restrictions on the epidemic in the European region.

However, increasing Kovid-19 events in some countries will continue to pose a downside risk to global oil demand.

In this context, global oil demand is expected to reach 99 million 500 thousand barrels per day, with an increase of approximately 3 million barrels (3.1 percent) compared to this year.

While the Asia-Pacific Region is expected to lead the oil demand with 37 million 200 thousand barrels per day next year, this region will be followed by the Americas with 31 million 200 thousand barrels and Europe with 14 million barrels.

Global oil supply increased in June

According to the report, global oil supply amounted to 95 million 590 thousand barrels per day, with an increase of 1 million 100 thousand barrels compared to the previous month.

OPEC’s daily crude oil production rose to 25 million 930 thousand barrels in June with an increase of approximately 450 thousand barrels compared to the previous month.

In this period, non-conventional OPEC production other than crude oil was recorded as 5 million 320 thousand barrels per day. Thus, OPEC’s total oil production amounted to 31 million 250 thousand barrels per day last month.

The daily oil production of non-OPEC countries, on the other hand, reached 64 million 340 thousand barrels with an increase of approximately 650 thousand barrels in the period in question.

Source: a. com. en

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