OPEC maintains global demand for crude at 100.8 mln bpd

Logo of OPEC

OPEC maintained its forecasts for growth in global demand for oil in 2022, despite the Omicron variant that hinders demand for fuel and global economic recovery.

The organization also indicated, in its monthly report issued on Tuesday, that it maintained its estimates for global demand levels for oil in 2021 at 96.6 million barrel per day.

It also reiterated its projections for global demand growth for the crude in 2022 at 4.2 million bpd, at 100.8 million bpd.

OPEC kept estimates unchanged for supply growth from outside the group in 2021 at 0.7 million bpd to 63.6 million bpd. It also maintained supply growth estimates for 2022 at 3 million bpd to record 66.7 million bpd.

It also maintained its forecasts for global economic growth at 5.5% and 4.2% in 2021 and 2022, respectively.

OPEC output rose 166,000 bpd to 27.88 million bpd in December.

"Monetary actions are not expected to hinder underlying global economic growth momentum, but rather serve to recalibrate otherwise overheating economies," OPEC said. It added that the oil market is expected to remain well-supported throughout 2022.