The Organization of Petroleum Exporting Countries (OPEC) foresees a decrease in its estimates for world oil demand during the rest of 2022, of about 210,000 barrels per day (bpd), compared to last month’s assessment.
Now, OPEC estimates that global demand will reach 100.3 million bpd in 2022, about a million bpd more than in 2019, according to OPEC’s latest monthly oil market report.
In its monthly report, OPEC said global demand posted solid growth in the first quarter of 2022, mainly due to a strong economic rebound supported by stimulus programs and further easing of COVID-19 containment measures. 19.
“OECD oil demand grew by 3.3 million bpd year-on-year, while non-OECD requirements increased by 1.9 million bpd, compared to the same quarter in 2021,” the report noted.
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“Downward revisions in the second, third and fourth quarters of 2022 for oil demand growth primarily took into account current economic forecasts and other developments that could affect global oil requirements,” the document explained. of OPEC.
Global oil supply in April fell by around 770,000 bpd, compared to the previous month, to an average of 98.74 million bpd, although this marked a year-on-year increase of 5.22 million bpd.
OPEC crude output averaged 28.65 million bpd in April, an increase of about 153,000 bpd per month. Crude oil production increased mainly in Saudi Arabia and Iraq, while in Libya it decreased.
Output increased by 127,000 bpd to nearly 10.35 million bpd in Saudi Arabia and by 103,000 bpd to more than 4.4 million bpd in Iraq; while in Libya it decreased by 161,000 bpd, to about 913,000 bpd.
OPEC crude’s share of total world production increased 0.4 percentage point to 29% in April, compared with the previous month.
Non-OPEC liquids production, including OPEC natural gas, fell by around 920,000 bpd in April, compared to the previous month, to an average of 70.1 million bpd, although this represented a year-over-year increase of 1.69 million bpd.
“Preliminary estimated production declines for April were mainly driven by Russia and Kazakhstan, at 1.2 million bpd, while the United States and Norway are expected to see liquids production growth of around 300,000 bpd.” OPEC said.
*Translated by Daniel Gallego.
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