AA / Istanbul / Ahmed Hatem
The Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for growth in world oil demand unchanged on Tuesday at 2.5 million barrels per day in 2022, compared to forecasts for the month of November.
OPEC said in its December report that the volume of oil demand increased in the third quarter of this year, once morest the backdrop of improved fuel consumption in the transport sector, for compared to what was planned, without providing figures.
The organization announced its forecast for global oil demand growth in its monthly report, which is considered an indicator of the growth in global demand and supply of crude oil, for both producing and consuming countries.
According to OPEC, the fall in demand in the fourth quarter of 2022 is due to the slowdown in countries that are not members of the Organization for Economic Co-operation and Development (OECD), in a context of reduced traffic and slowdown in industrial activity in China.
For the year 2023, growth in world oil demand remained unchanged at 2.2 million barrels per day, in a context of demand growth of 300,000 barrels per day for OECD member countries, and regarding 1.9 million barrels from countries that are not members of this organization.
According to the OPEC report, “this forecast is subject to numerous uncertainties, including global economic developments, COVID-19 containment measures, mainly in China, and current geopolitical tensions”.
The report predicts an increase in oil supply of 1.9 million barrels per day in 2022, excluding OPEC. These figures remain broadly unchanged from those of November.
The oil production of the member countries of the organization fell to 28.826 million barrels per day, during the last month, once morest 29.570 million barrels per day, last October, with a drop of 744,000 barrels per day.
* Translated from Arabic by Mounir Bennour.
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