The Organisation of Petroleum Exporting Countries (OPEC) has said that world oil demand will increase by 5.8 million barrels per day in 2021.
OPEC made this known on Wednesday in Lagos in its Oil Market Report for October 2021.
The report said the world oil demand growth was revised down from 5.96 mb/d in September’s assessment.
It said the downward revision was mainly driven by lower-than-expected actual data for the first three quarters of this year.
“This is in spite of healthy oil demand assumptions going into the final quarter of the year, which will be supported by a seasonal uptick in petrochemical and heating fuel demand and the potential switch from natural gas to petroleum products due to high gas prices,”
“Both Organisation for Economic Cooperation and Development (OECD) and non-OECD figures are adjusted lower,’’ the report noted.
According to the report, the downward revision in OECD regions focused on the first half of 2021, while the non-OECD revision is concentrated in the third quarter of 2021.
According to the report, the world is expected to consume 96.6 mb/d of petroleum products this year.
“For 2022, world oil demand growth is unchanged at 4.2 mb/d. As a result, global demand next year is seen averaging 100.8 mb/d,”
“Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic.’’