OPEC Upbeat On Global Economic Growth

Related stories

Super Falcons dethrone South Africa, romp into WAFCON final in Morocco

The Super Falcons of Nigeria booked their place in...

Big Oil’s Power Couple Heads to Guyana

Following the completion of Chevron’s acquisition of Hess Corporation,...

The U.S. Has Only The 10th Most Powerful Passport: Here’s What That Means

The United States blue book continues its decade-long slide...

2027: PDP Eyeing Jonathan, Others for Presidential Race, Party Official Reveals

By Nwosa Hamilton  In a strategic move to broaden its...

$24 Billion Loan: Senate Approves Tinubu’s Request, Loan Strategy

By Abiola Olawale The Nigerian Senate has approved President Bola...

Global economic growth is set to remain robust at 3.1% this year and another 3.1% next year, OPEC said on Tuesday in a forecast suggesting that the cartel expects healthy oil demand growth despite market fears of recession.

In its September Monthly Oil Market Report (MOMR) published today, OPEC made no changes in its economic growth estimates and sounded an upbeat note about the trend of the global economy for 2022 and 2023.

The cartel expects the global economy to grow by 3.1% both this year and next, and although it revised down its estimate of the Eurozone economy, OPEC still sees 3.1% growth in 2022 and 1.7% increase in the euro area in 2023. That’s contrary to recent forecasts from analysts and economists who expect the Eurozone and several EU member states to be plunged into recessions as early as this year due to soaring energy prices weighing on inflation, industries, and consumer sentiment.

“Economies like India and the Euro-zone showed a strong growth dynamic in 1H22, compensating very well for the relatively — and likely temporary — weaker performance of the US and China,” OPEC said in its MOMR on Tuesday.

Looking at 2023, the cartel noted that “Despite the obvious downside risks, there is also upside potential to the global economic growth forecast. Fiscal measures in the EU and China support growth towards the end of the year and lead to the potential continuation of a stable dynamic in 2023.”

As a result of the expected robust economic growth, oil demand will continue to rise, especially driven by the recovery in travel and transportation, OPEC said. This is forecast to lead to robust overall growth in oil demand of 3.1 million barrels per day (bpd) in 2022 and 2.7 million bpd in 2023, surpassing the pre-COVID-19 levels, to stand at an average 102.7 million bpd next year. NB: Josh Owens wrote this article for Oilprice.com

Josh Owens
Josh Owens
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Super Falcons dethrone South Africa, romp into WAFCON final in MoroccoBig Oil’s Power Couple Heads to GuyanaThe U.S. Has Only The 10th Most Powerful Passport: Here’s What That Means2027: PDP Eyeing Jonathan, Others for Presidential Race, Party Official Reveals$24 Billion Loan: Senate Approves Tinubu's Request, Loan StrategyAlleged N80.2bn Fraud: Court Throws Out Yahaya Bello's Travel Request[VIDEO] Natasha vs Akpabio: Tension as Natasha Denied Access To National Assembly Complex2027: Drama as Davido's Uncle, Gov Adeleke, Osun PDP Endorse TinubuDetails as NNPC Remits N6.69 trn to Federation Account in First Half of 2025Just In! CBN Retains Interest Rate at 27.5% for Third Time in 2025Datti Baba-Ahmed Attends Abure-Led Labour Party NEC Meeting, Vows to Reunite Obi, Otti, OthersJust In! Nigeria’s Economy Surges with 3.13% Growth in Q1 2025, NBS ReportsLabour Party's Crisis Deepens As Abure-Led Faction Rejects Nenadi Usman’s LeadershipDrama as ADC’s 2023 Presidential Candidate Kachikwu Says, Obi Plans to Exit Coalition (VIDEO) Falana, Shehu Sani, Others Blast Kemi Badenoch Over Claim on Nigerian Citizenship Laws 
X whatsapp