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- EnergyData- Source: Newsquawk