Market Speaks: Global Crude Oil Production Forecast To Rise By 4.8 Million Barrels Per Day In 2022 Says IEA

15 Sep 2022 , 12:31 PM

The International Energy Agency’s monthly Oil Market Report has stated that global oil demand will grow by 2 million bpd this year, 110,000 bpd lower than last month’s estimates. This is primarily due to revision in oil demand was driven by continued lockdowns in China, where oil demand is set to fall for the first time since 1990. Oil demand in China is expected to fall by 2.7%, or by 420,000 bpd, this year compared to last year, per IEA estimates. On the other hand, growth in crude oil production is expected to slow toward the end of this year, edging up by just 280,000 bpd from August through December to 101.6 million bpd. Global oil production is forecast to rise by 4.8 million bpd this year, to an average of 100.1 million bpd. Next year, production is expected to grow by 1.7 million bpd to 101.8 million bpd, the IEA said.Powered by Commodity Insights