OPEC MOMR (Nov): World oil demand growth forecasts revised down for 2022 and 2023 cut by 100k BPD
DEMAND
- The world oil demand growth forecast for 2022 is revised down by 100K BPD to now stand at 2.5mln BPD.
- Oil demand in 3Q22 and 4Q22 is revised lower due to the zero-COVID-19 policy in China, ongoing geopolitical uncertainties and weaker economic activities.
- For 2023, the global oil demand growth forecast is revised down by 100K BPD from the previous assessment to stand at 2.2mln BPD.
- Oil demand growth is anticipated to be challenged by uncertainties related to economic activities, COVID-19 containment measures and geopolitical developments.
SUPPLY
- Preliminary data indicates that October’s global oil supply increased by 700k BPD to average 101.5mln BPD, up by 4.0mln BPD Y/Y.
- OPEC-13 crude oil production in October decreased by 210k BPD M/M to average 29.49mln BPD, according to available secondary sources.
- Non-OPEC liquids supply is forecast to grow by 1.9mln BPD in 2022, following a slight downward revision of 30K BPD compared with the previous assessment.
GROWTH
- The world economic growth forecast for 2022 and 2023 remains unchanged at 2.7% and 2.5%, respectively.
- This reflects the uncertainties that might affect GDP growth in 4Q22 and subsequent quarters.
14 Nov 2022 - 12:10- Research Sheet- Source: Newsquawk
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