OPEC Boosts Global Oil Demand Forecast

Hamilton Nwosa
Writer

Ad

Nepal bloodshed: Of Nigeria’s big masquerades and Gọntọ

By Festus Adedayo Nepal, the Himalayan nation of 30 million people, boiled like water on a lit cauldron last week. As my people say, behind the logic of christening a woman at birth as “one who died with her glory,” (Kumolu) is a plethora of reasons. The bloodshed reminds me of the theme of resistance…

A visit to the Olunloyo’s at Ibadan…

By Bolanle Bolawole [email protected] 0705 263 1058 The Olunloyo family of Ibadan needs no elaborate introduction. Who does not know Dr. Victor Omololu Sowemimo Olunloyo: For his brilliance, especially his globally established wizardry in Mathematics; his eccentrism, his wits, his humour, his politics, and his many controversies? His disciplinarian streak is another side of his…

Dangote petrol far cheaper in Togo than in Nigeria — Importers

Some fuel importers in the country have alleged that the Dangote refinery sells a litre of petrol to international traders at N65 cheaper than the amount it gives the product to marketers in Nigeria. The Depot and Petroleum Product Marketers Association of Nigeria, Petroleum Products Retail Outlet Owners Association of Nigeria confirmed this in separate exclusive…

Ad

OPEC has increased its global oil demand forecast in both the long and medium term, revising its previous forecast for 2023 higher by 1.4 million barrels per day.

The group now sees oil demand hitting 103 million barrels per day in 2023 and rising to 108.3 million barrels per day in 2030, with OPEC market share increasing over that time.

The combination of a more robust recovery than previously expected and a global shift toward prioritizing energy security over an energy transition will drive this demand growth.

OPEC has increased its outlook for global oil demand in the medium and longer term, the group said in its 2022 World Oil Outlook released on Monday.

OPEC said in the report that global oil demand will increase to 103 million barrels per day next year—an increase of 2.7 million bpd from 2022 and an increase of 1.4 million bpd from what the group predicted for 2023 last year.

OPEC raised its oil demand outlook for the medium term as well, through 2027, increasing the outlook by 2 million bpd by the end of that period, compared to what the group forecasted last year.

The reason for the bump in how the group sees world oil demand is the more robust recovery seen this year and next, and the shift in focus from energy transition to energy security.

OPEC now sees oil demand hitting 108.3 million bpd in 2030, also up from what it forecasted for 2030 last year. In the even longer term, OPEC sees 2045 global oil demand hitting 109.8 million bpd, up from the 108.2 million bpd that it forecasted last year.

OPEC sees its own market share rising, but sees OPEC’s output lower in 2027 than in 2022.

In its closely-watched Monthly Oil Market Report (MOMR) that was released on October 12,  OPEC revised down its estimate of global oil demand growth for 2022 by 460,000 barrels per day (bpd), citing China’s Covid lockdowns, economic headwinds in developed economies, and inflationary pressures everywhere. In that report, OPEC saw world oil demand growing by 2.6 million bpd this year to average 99.7 million bpd. The cartel also slashed its oil demand growth forecast for 2023 in that report, by 360,000 bpd, expecting growth at 2.3 million bpd next year.

OPEC+ agreed to cut production targets by 2 million bpd at its latest meeting held on October 5. NB: Julianne Geiger wrote this article for Oilprice.com

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp