OPEC maintains a stable forecast for the growth of world oil demand
The Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for an increase in world oil demand for this year unchanged.
According to OPEC’s monthly oil market report, global oil demand is expected to reach 101.9 million barrels this year, increasing by 2.320 million barrels per day compared to last year.
It is estimated that demand will increase by 230 thousand barrels per day in the OECD region to 46 million 230 thousand barrels, and in non-OECD countries it will be 55 million 670 thousand barrels with an increase of 2 million 90 thousand barrels per day .
RECOVERY EXPECTED THROUGH THE LIFTING OF RESTRICTIONS IN CHINA
The projection for increased demand for oil in the OECD region was revised downward for the first and second quarters of the year due to the expected slowdown in economic activity in OECD America and OECD Europe.
On the other hand, the forecast for an increase in oil demand in non-OECD countries was revised upwards due to the reactivation of economic activity after the lifting of restrictions due to Covid-19 in China and the expected improvement in Russian oil demand.
However, OPEC notes that the forecast for an increase in demand depends on many uncertainties, including global economic activity and ongoing geopolitical developments.
WORLD SUPPLY INCREASES IN FEBRUARY
According to the report, world oil supply amounted to approximately 101,900,000 barrels per day, an increase of 600,000 barrels per day from the previous month, and was 2,800,000 barrels above last year’s level.
The group’s daily crude production, for its part, increased by 117 thousand barrels in February compared to the previous month and reached approximately 28 million 920 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. Angola, on the other hand, was the country where crude oil production decreased the most. Daily production increased in Nigeria by 72 thousand barrels compared to the previous month of February, while in Angola it decreased by 52 thousand barrels.
In the same period, daily oil production in non-OPEC countries increased by 500,000 barrels to approximately 73 million barrels. (AA)
Source: Sozcu
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