Lagos — The Organization of the Petroleum Exporting Countries, OPEC, has reported an upward review in the demand for its crude oil in 2022.
The group said demand for its crude in 2022 is revised up by 1.1 million barrels per day, mb/d, to stand at 28.7 mb/d, around 1.1 mb/d higher than in 2021.
OPEC, in its September oil market report, also revised down non-OPEC liquids supply growth in 2021 by 0.17 million barrels per day, mb/d, from the previous month’s assessment.
The report said the downward review was not only due to an adjustment of 0.5 mb/d from 3Q21, but also mainly due to outages in North America from a fire on a Mexico’s offshore platform and the disruptions caused by the recent Hurricane Ida in the United States.
The estimate for North Sea production has also been revised down due to lower-than-expected output in 3Q21, resulting in an annual growth forecast of 0.9 mb/d to average 63.8 mb/d.
The main drivers for 2021 supply growth remained Canada, Russia, China, the US, Brazil and Norway, with the US expected to see year-on-year growth of only 0.08 mb/d.