KAPSARC projects 1.9% Q-on-Q growth in global oil demand in Q3 2022

KAPSARC projects 1.9% Q-on-Q growth in global oil demand in Q3 2022

RIYADH — Global oil demand is projected to record a 1.9% quarter-on-quarter growth averaging 100.6 million barrels per day by the end of the third quarter this year, surpassing pre-COVID levels, according to King Abdullah Petroleum Studies and Research Center (KAPSARC) upcoming KAPSARC Oil Market Outlook (KOMO). At 54 million barrels per day, non-OECD countries are expected to account for 53% of that growth. Despite global headwinds and a looming recession, KAPSARC estimates a rise in oil demand across all nations in Q3, except for India, with the United States leading the way reaching 20.6 million barrels per day, accounting for 21% of demand. China, as second runner up, with roughly 15.3 million barrels per day, accounts for 15% of demand. India ranks third, followed by Saudi Arabia, with 4.8 million and 4.2 million barrels per day, respectively. KAPSARC's oil and gas team predicts that gasoline will account for most of the demand growth in the United States ahead of the summer driving season. In China, demand is being fueled by the relaxation of COVID-19 restrictions, which translates into a resumption of local transportation activities as explained by Majed Al Suwailem, Oil and Gas Program Director at KAPSARC. “As for