The Organization of the Petroleum Exporting Countries (OPEC) revealed on Tuesday in its monthly report that the 2022 oil demand growth forecast was left unchanged at 2.5 million barrels per day (bpd) in comparison to its previous report, with the total oil demand projected at 99.6 million bpd.
OPEC explained that in the third quarter of 2022 crude demand was greater «amid better-than-anticipated transportation fuel consumption in OECD, offset by a downwardly revised estimate for 4Q22 due to a slowdown in the non-OECD amid reduced mobility and sluggish industrial activity in China.»
For 2023, oil demand growth prospects also remained unchanged at 2.2 million barrels per day, with the total oil demand estimated at 101.8 million bpd.