BP says oil demand and supply will both rise next year, supply growth to outpace

  
Analysis, Crude

Via Bloomberg comes this from oil firm BP, in brief:

 

  • expects global oil consumption will return to pre-pandemic levels in Q3 2022
  • Asia persisting as the centre for oil-product demand growth
  • 2022 oil demand expected average gain of 3.8 m bpd y/y v (down from 2021 at 5.4 m bpd)

 

On the supply side of the ledger:

 

  • global oil output growth will probably exceed consumption in 2022
  • OPEC+ and US producers will add more output
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