OPEC, in contrast to IEA, sees lower 2022 oil demand growth
时间:2024-06-28 23:09:53 阅读(143)
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.
The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, the adviser to industrialised countries, which earlier on Thursday raised its 2022 demand growth outlook.
Oil use has rebounded from the worst of the pandemic and is set to exceed 2019 levels this year even after prices hit record highs. However, high prices and Chinese coronavirus outbreaks have eaten into OPEC’s 2022 growth projections.
Also Read: Oil prices fall as ahead of OPEC+ decision
“Global oil market fundamentals continued their strong recovery to pre-COVID-19 levels for most of the first half of 2022, albeit signs of slowing growth in the world economy and oil demand have emerged,” OPEC said in its report.
OPEC cut its 2022 global economic growth forecast to 3.1% from 3.5% and trimmed next year to 3.1%, saying that the prospect of further weakness remained.
“This is, however, still solid growth, when compared with pre-pandemic growth levels,” OPEC said. “Therefore, it is obvious that significant downside risk prevails.”
Oil prices held on to an earlier gain after the OPEC report was released, finding support from the IEA’s view on demand and trading above $98 a barrel
OPEC PUMPS MORE
OPEC and allies, including Russia, known collectively as OPEC+, are ramping up oil output after record cuts put in place as the pandemic took hold in 2020.
In recent months OPEC+ has failed to fully achieve its planned production increases owing to underinvestment in oilfields by some OPEC members and by losses in Russian output.
The report showed OPEC output in July rose by 162,000 bpd to 28.84 million bpd, a smaller increase than pledged.
Also Read: OPEC forecasts slower oil demand growth in 2023
OPEC’s take on the outlook for 2023 suggests that the market could remain tight.
OPEC left its 2023 world demand growth projection unchanged at 2.7 million bpd and expects supply from non-member countries to rise by 1.71 million bpd, meaning OPEC will need to pump around 900,000 bpd more to balance the market.
While the 2023 outlook for overall non-OPEC supply was left steady, OPEC sees a slight acceleration in U.S. shale growth. Supply of US tight oil, another term for shale, is expected to rise by 800,000 bpd in 2023, up from 740,000 bpd in 2022, although this year’s forecast was revised down.
上一篇:Rupee likely to depreciate further on strong dollar, weak Asian peers; may slip to 82 per USD
下一篇:Windfall tax slashed on crude, fuels; check duty cuts on diesel, petrol, ATF exports
猜你喜欢
- Awfis Space Solutions files IPO papers with Sebi
- Rupee falls 10 paise to close at 81
- SPORTSPERSONS’ EARNINGS FROM ENDORSEMENTS
- Rupee likely to depreciate in near-term, may breach 85-mark in 2023; USDINR to trade in this range
- Stock market holidays November 2022- Trading on BSE, NSE to remain suspended on this date this month
- Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR pair to trade in this range_3
- Assam- 12 killed, 30 injured as bus collides with truck in Golaghat, PM Modi offers condolences
- Asian stocks dip ahead of key US inflation data; Treasury yields, dollar gauge edge higher, crude oil slips
- Run-up to the interim Budget 2024-25- Capex growth to slow; outlay may be up 10%