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