icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

OPEC+ says oil demand may reach pre-pandemic level in 2022

OPEC+ says oil demand may reach pre-pandemic level in 2022
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers project global oil demand to grow by six million barrels a day in the second half of 2021, reaching pre-pandemic levels by next year.

According to the July report, global oil demand may surge to about 96.6 million barrels a day. The indicator is expected to grow by some 3.3 million barrels a day, surpassing the 100 million barrels a day mark in 2022.

At the same time, the forecast for growth in oil supply from non-OPEC countries has been lowered by 30,000 barrels to about 63.8 million barrels a day.

Also on rt.com Oil prices slip amid reports of OPEC+ reaching compromise on production boost

The organization sees Canada, Norway, Brazil, China and Guyana at the forefront of the predicted increase, while the United States is forecast to raise production of liquid hydrocarbons by a mere 0.06 million barrels a day.

The report predicts that gasoline and diesel will also rise in demand during a post-pandemic recovery in freight traffic and increasing population mobility, especially so in the United States, China and India.

The forecast is similar with regard to aviation fuel, with the number of domestic and international flights gradually rising.

Also on rt.com Move over, Riyadh – The UAE is quietly attempting to eclipse Saudi Arabia and assert itself as the main power in the Persian Gulf

OPEC+, however, notes that the continued spread of the coronavirus and its impact on the growth of the global economy may affect the figures unpredictably.

OPEC+ countries in June increased oil production by 586,000 barrels a day, returning to the market some 26 million barrels daily which they cut during the worst of the pandemic.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts