Oil demand will grow by 3.4 million barrels per day this year, bringing the total to 100.3 million barrels per day. OPEC said this in its monthly report on Tuesday.
As a result, the cartel’s expectations remain unchanged, as they were in May and June.
For 2023, the expected growth for oil demand will be 2.7 million barrels per day and a total of 103 million barrels per day, according to OPEC.
According to the cartel, the largest oil-consuming countries in the world are supported by a still solid economy. Meanwhile, oil consumption remains robust, especially in developed economies.
There are downside risks, however, in the form of ongoing geopolitical tensions, the corona pandemic that is still ongoing, rising inflation and problems in the supply chain that are getting worse. High government debt in many regions and monetary tightening of central banks in the US, UK, Japan and the eurozone also pose a risk to oil demand, OPEC said.
WTI oil costs $ 99.33 per barrel this afternoon, 4.5 percent cheaper than Monday.