OPEC Keeps Forecast on 2022 World Oil Demand Growth Unchanged
© AP Photo / Ronald Zak
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MOSCOW (Sputnik) - OPEC has kept its forecast on the world oil demand growth in 2022 unchanged and still expects it to reach 3.4 million barrels per day, according to a new report published on Tuesday.
"World oil demand growth in 2022 remains unchanged from the previous month’s assessment at 3.4 mb/d," the report read.
OPEC still expects the oil and condensate production in Russia to decrease by 0.2 million barrels per day in 2022, according to the report.
"Russian liquids output in 2022 is forecast to decrease by 0.2 mb/d y-o-y to average 10.6 mb/d, unchanged from the previous month’s assessment. For 2023, Russian liquids production is forecast to decrease by 0.2 mb/d to average 10.4 mb/d. It should be noted that the Russian oil forecast is subject to high uncertainty," the report read.
OPEC has maintained its forecast on oil production in the United States in 2022 unchanged and expects it to increase by 850,000 barrels per day to 12.04 million barrels per day.
"Given the current pace of drilling and well completions in oil fields, production of crude oil and condensate is forecast to grow by 0.8 mb/d y-o-y to average 12.0 mb/d in 2022 … Crude oil output is anticipated to jump by 0.7 mb/d y-o-y to average 12.7 mb/d [in 2023]," the report read.
According to OPEC, the US oil production in 2021 was 11.19 million barrels per day. At the same time, OPEC said that the production in 2023 will reach 12.74 million barrels per day.
The oil production in OPEC countries has increased by 234,000 barrels per day to 28.7 million barrels per day in June, the OPEC said.
"According to secondary sources, total OPEC-13 crude oil production averaged 28.72 mb/d in June 2022, higher by 234 tb/d m-o-m. Crude oil output increased mainly in Saudi Arabia, the UAE, IR Iran, Kuwait and Angola, while production in Libya and Venezuela declined," the report read.
According to the report, the OPEC countries have fulled the oil deal by 229% in June by cutting output by 1.058 million barrels per day in excess of obligations.
