Crude oil consumption will exceed the prepandemic level in 2022 with more than 100 mbd

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Crude oil consumption will exceed the prepandemic level in 2022 with more than 100 mbd

Vienna, Sep 13 (EFE) .- OPEC on Monday raised its oil consumption estimates for 2022, when the levels prior to the covid pandemic will be exceeded and the historic barrier of 100 million barrels per day (mbd) will be broken average demand.

“Demand in 2022 is estimated to reach 100.8 mbd, exceeding pre-pandemic levels,” says the Organization of the Petroleum Exporting Countries (OPEC) in its monthly report released in Vienna.

For 2021, OPEC maintains its forecasts with an increase in demand of around 6 mbd, to a total of 96.7 mbd, although it slightly revises the consumption of the last quarter of the year downwards, without changing the global annual forecasts.

“A ROBUST RECOVERY”

In 2022 – despite the spread of the delta variant raising many doubts about the speed of the recovery in consumption – OPEC is confident of “a robust recovery.”

Thus, in 2022 demand will increase by 4.2 mbd, 900,000 barrels per day more than what OPEC experts calculated a month ago, which shows their confidence that the recovery will increase in pace next year.

“The recovery in consumption is stronger than anticipated and is underpinned by economic forecasts in all regions,” says OPEC.

“As vaccination rates increase, the covid-19 pandemic is expected to be better managed and economic activities and mobility will firmly return to pre-pandemic levels,” the report states.

In 2019, OPEC predicted that in 2020 consumption would exceed 100 mbd, but the arrival of the COVID pandemic sank demand, with a 9.8% decrease, to just over 90 mbd.

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