Opec holds demand growth outlook for 2022 steady

Opec holds demand growth outlook for 2022 steady

London, 10 February (Argus) — Opec has again left its outlook for global oil demand growth unchanged, while signalling optimism about prospective increases in transport fuel consumption.

In its latest Monthly Oil Market Report (MOMR), published today, the group retained its projection global oil demand growth of 4.15mn b/d this year. It marginally adjusted higher its projections for global demand by 10,000 b/d for the full year, to an average of 100.8mn b/d, revised its third-quarter outlook up by 40,000 b/d to 101.32mn b/d and raised its fourth-quarter estimate by 20,000 b/d to 102.92mn b/d.

Notably Opec lifted its demand projections for China, the world's largest crude importer, by 50,000 b/d to 15.65mn b/d in the fourth quarter, bringing this year's total higher by 10,000 b/d to 15.18mn b/d.