OPEC revised upwards the forecast for the growth of world oil demand

The Organization of the Petroleum Exporting Countries (OPEC) revised upwards its forecast for increased global oil demand for this year.

According to OPEC’s monthly oil market report, global oil demand is expected to increase by 2,320,000 barrels per day compared to last year and reach approximately 101,870,000 barrels this year.

The long-awaited economic recovery in China, where Covid-19 restrictions were lifted, is seen to take effect in this increase.

EXPECTED DAILY INCREASE OF 1.9 MILLION BARRELS

Consequently, it is estimated that the world demand for oil will increase by 1 million 900 thousand barrels per day in the first quarter of the year with respect to the previous year and will increase even more in the following quarters.

It is estimated that demand will increase by 350,000 barrels per day in the OECD region to 46,470,000 barrels, and in non-OECD countries it will be 55,400,000 barrels with an increase of 1,960,000 barrels per day.

Thus, OPEC, which increased its forecast for an increase in world oil demand by 100,000 barrels per day this year compared to its previous report, said that this increase forecast depends on many uncertainties, including global economic activity, a possible change in China’s Covid. -19 ongoing geopolitical policies and developments.

THE WORLD OIL SUPPLY INCREASED IN JANUARY

According to the report, world oil supply amounted to approximately 101.7 million barrels per day, up 600 thousand barrels per day from the previous month, and was 3.3 million barrels above last year’s level.

The group’s daily crude production, for its part, decreased by 49 thousand barrels in January compared to the previous month and was located at approximately 28 million 880 thousand barrels. Thus, OPEC’s share in world oil production was recorded at 28.4 percent.

During this period, OPEC crude oil production increased the most in Nigeria. Saudi Arabia was the country where crude oil production decreased the most. Compared to the previous month, daily production increased by 65,000 barrels in Nigeria, while it decreased by 156,000 barrels in Saudi Arabia.

In the same period, daily oil production in non-OPEC countries increased by 700,000 barrels to approximately 72,800,000 barrels. (AA)