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 predicts demand for all fuel types to surpass pre-pandemic level in 2022

OPEC predicts demand for all fuel types to surpass pre-pandemic level in 2022
The Organization of the Petroleum Exporting Countries (OPEC) projects rising fuel consumption next year, with global oil demand expected to grow by 4.2 million barrels per day (bpd).

Total oil demand in 2022 will reach 100.8 million bpd, which is higher than pre-pandemic levels, OPEC said in its monthly September report.

The recovery in demand for all types of fuel is expected to be stronger and supported by stable economic growth in all regions,” OPEC stated.

Also on rt.com What’s the future of oil production? RT’s Boom Bust finds out ahead of OPEC+ meeting

The forecast figure for next year’s oil demand is 0.9 million bpd higher than the estimate posted by the organization in August.

The report says the growth in global demand for oil for the remainder of 2021 will amount to six million bpd. The forecast for oil demand in the second half of the year was reduced due to the renewed spread of coronavirus infection, and in particular the Delta variant.

OPEC noted, however, that demand for the commodity in the third quarter of this year was stable amid growing population mobility, especially in the member-states of the Organization for Economic Co-operation and Development (OECD).

Also on rt.com OPEC+ may revise terms of output deal & cancel 400,000 bpd boost – Kuwait

In general, OPEC expects oil demand in 2021 to recover to the level of 96.7 million bpd. It also noted that it expects a growth in supply on the oil market for the remainder of the year, amounting to some 900,000 barrels per day, boosting the supply total up to 63.8 million barrels per day. This will happen amid increased production in Canada, Russia, China, USA, Brazil, and Norway.

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.