IEA raises oil demand growth forecast by 380,000 bpd to 2.1 mln bpd in 2022

By Trend

The International Energy Agency (IEA) expects global oil demand to rise by 2.1 mln barrels per day (bpd) to 99.7 mln bpd in 2022, according to the IEA's August report. Thus, the agency raised its earlier estimate of demand growth by 380,000 bpd, Trend reports citing TASS.

The 2023 forecast for global oil demand growth remained unchanged from the previous estimate of 2.1 mln bpd.

According to the IEA, global oil reserves in June decreased by 5 mln barrels. At the same time, the reserves of the countries of the Organization for Economic Cooperation and Development (OECD) rose by 6.2 mln barrels to 2.681 bln barrels, but still remained 292.1 mln barrels below the five-year average. Sales of oil from state reserves amounted to 33.8 mln barrels, which is the largest reduction in strategic reserves since March.

The IEA also noted that supplies of oil around the world in July reached its maximum after the start of the pandemic and amounted to 100.5 mln bpd. According to the agency, OPEC+ countries increased oil production by 530,000 bpd in July, while non-OPEC+ countries increased oil production by 870,000 bpd. In total, oil supply may increase by another 1 mln barrels per day before the end of the year.