OPEC stuck to its forecasts for robust global oil demand growth in 2022 and 2023

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 said in a monthly report. The rise in 2023 will push it past 2019 levels for the first time since the pandemic.

The report also showed OPEC output rose by 618k bpd in August to 29.65 mbpd with Libyan outages ending.

Separately, Saudi Arabia said it boosted output by 236k bpd in August to 11.051mbpd.

  • OPEC … forecasts … 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 (forecasts) unchanged from last month
  • “Oil demand in 2023 is expected to be supported by a still-solid economic performance in major consuming countries, as well as potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties”

OPEC are probably right, despite all the ructions seen in markets since the CPI report overall economies are gathering pace. The risk is overzealous central banks plunge everyone into recession, of course.

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