Commodities Buzz: OPEC Raises Global Oil Demand Outlook

1 Nov 2022 , 10:19 AM

OPEC has increased its outlook for global oil demand in the medium and longer term, the group said in its 2022 World Oil Outlook released on Monday. OPEC said in the report that global oil demand will increase to 103 million barrels per day next year?an increase of 2.7 million bpd from 2022 and an increase of 1.4 million bpd from what the group predicted for 2023 last year. OPEC raised its oil demand outlook for the medium term as well, through 2027, increasing the outlook by 2 million bpd by the end of that period, compared to what the group forecasted last year. The reason for the bump in how the group sees world oil demand is the more robust recovery seen this year and next, and the shift in focus from energy transition to energy security. OPEC now sees oil demand hitting 108.3 million bpd in 2030, also up from what it forecasted for 2030 last year. In the even longer term, OPEC sees 2045 global oil demand hitting 109.8 million bpd, up from the 108.2 million bpd that it forecasted last year. OPEC sees its own market share rising, but sees OPECs output lower in 2027 than in 2022. Powered by Commodity Insights