OPEC forecasts global oil demand to exceed pre-COVID levels in H2 2022

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OPEC maintained its forecast that world oil demand will grow by 3.4 million barrels per day (bpd) by the end of 2022, but warned that the Russia-Ukraine crisis and COVID-19 outbreak pose a major risk, according to its monthly report, issued today, June 14.

The group projects global average oil demand to jump by 3.1 million bpd to 101.8 million bpd during the second half of this year, exceeding pre-COVID levels.

Looking ahead, geopolitical developments and resurgence of COVID-19 cases worldwide by the end of H2 2022 will set the tone for the expected recovery in global oil demand to pre-pandemic levels, posing a significant risk, OPEC concluded.

The report also indicated a decline of 176,000 bpd in OPEC production to 28.51 million bpd in May.