The Organization of the Petroleum Exporting Countries, or OPEC, on Wednesday left its forecast for growth in global oil demand next year unchanged, while trimming its projection for this year. In a monthly report, OPEC said it expects 2022 demand to grow by 4.2 million barrels a day, unchanged from its September outlook, with global demand expected to average 100.8 million barrels a day, "supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic." OPEC said it now sees 2021 demand growth of 5.8 million barrels a day, down from its previous projection of 5.96 million barrels a day. That's due largely to lower-than-expected actual data for the first three quarter of the year and despite healthy demand assumptions about the current quarter, which is expected to see demand supported by a seasonal uptick in petrochemical and heating fuel demand as well as switching from natural gas to petroleum products due to high gas prices. Non-OPEC liquids supply growth in 2021, meanwhile, was revised down by 300,000 barrels a day to 700,000 barrels a day, due in part to the production outages in the U.S. Gulf of Mexico caused by Hurricane Ida. The non-OPEC supply growth forecast for 2022 was revised up by 100,000 barrels, to 3 million barrels a day, due to the change in the baseline.
Oct. 13, 2021, 7:01 a.m. EDT