OPEC sticks to upbeat view on oil demand growth in 2022, 2023

OPEC on Tuesday stuck to its forecasts for robust global oil demand growth in 2022 and 2023 citing signs that major economies were faring better than expected despite headwinds such as surging inflation.

Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023, unchanged from last month, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report.

Oil use has rebounded from the lows of the pandemic, although high prices and Chinese coronavirus outbreaks have trimmed 2022 growth projections.

OPEC now sees oil use exceeding 2019’s rate in 2023, having this year said it expected this to happen in 2022.