SUBSCRIBE
PROFILE

Despite China, oil demand forecast unchanged for 2022 and 2023

Opec has maintained its oil demand growth forecast for 2022 and 2023, despite the slowdown in China.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

Opec maintained its oil demand growth forecast for 2022 and 2023, despite slowing activity in China, in a monthly report released Tuesday.

The global oil demand growth forecast for 2022 “remains unchanged at 2.5 million barrels per day” (mb/d), Opec said in its December report.

In detail, demand “has been adjusted upwards” in the third quarter “in a context of better than expected transport fuel consumption in the OECD”, says Opec.

But this upward revision is “offset by a downwardly revised estimate” for the fourth quarter, “due to a slowdown in non-OECD countries in a context of reduced mobility and slowing industrial activity in China,” Opec adds.

Global demand is also revised downward for the first quarter of 2023.

Despite this, for next year as a whole, global oil demand growth remains unchanged at 2.2 mb/d, with OECD growth of 0.3 mb/d and non-OECD growth forecast at 1.9 mb/d, Opec says.

However, it stresses that “this forecast is subject to many uncertainties”, both in terms of global economic developments, Covid-19-related containment measures mainly in China and ongoing geopolitical tensions.

Opec countries cut production in November by 744,000 barrels per day from October to a total of 28.8 million barrels per day, according to indirect sources cited Tuesday by the cartel.

Production fell mainly in Saudi Arabia (-404,000 barrels) and the Emirates.

  • Popular on energynews.pro
Iberdrola adds 708 MW of solar capacity to joint venture with Norges Bank
EDF power solutions and El Paso Electric launch 150 MW solar facility in New Mexico
TotalEnergies sells Norwegian oil assets to Vår Energi to reduce debt
Clariant targeted by BP and ExxonMobil in ethylene case
Exxon to cut up to 500 jobs in Singapore as part of global restructuring
Denmark strengthens maritime controls at Skagen Strait amid Russian shadow fleet activity
Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.
TotalEnergies appoints Nicola Mavilla as global head of exploration
Nicola Mavilla succeeds Kevin McLachlan as TotalEnergies' Director of Exploration, bringing over two decades of international experience in the oil and gas industry.
Sahara Group deploys seven rigs to boost oil output in Nigeria
Sahara Group is making a major investment in Nigeria with seven new drilling rigs, aiming to become the country’s top private oil producer by increasing output to 350,000 barrels per day.
Senegal plans second refinery with 5.5 mn tonnes annual capacity
Senegal aims to double its oil refining capacity with a project estimated between $2bn and $5bn, as domestic demand exceeds current output.
Chevron gradually restarts El Segundo refinery after major fire
Chevron is working to restart several units at its El Segundo refinery in California after a fire broke out in a jet fuel production unit, temporarily disrupting regional fuel supplies.
Ethiopia launches $2.5bn refinery to reduce fuel import dependency
Ethiopia has begun construction of its first crude oil refinery in Gode, a $2.5bn project awarded to GCL, aimed at strengthening the country’s energy security amid ongoing reliance on fuel imports.
Opec+ raises production by 137,000 barrels per day in November
Opec+ slightly adjusts its quotas for November, continuing its market share recovery strategy amid stagnant global demand and a pressured market.
Beijing transfers up to $8.4bn to Iran through parallel oil network
China has established a clandestine oil-for-projects barter system to circumvent US sanctions and support Iran’s embargoed economy, according to an exclusive Wall Street Journal investigation.
TotalEnergies exits three mature fields in Norway’s Ekofisk area
TotalEnergies EP Norge signed two agreements to divest its non-operated interests in three inactive Norwegian fields, pending an investment decision expected in 2025.
US Supreme Court to rule on ExxonMobil case over 1960 Cuban asset seizures
The US Supreme Court will hear ExxonMobil’s appeal for compensation from Cuban state-owned firms over nationalised oil assets, reviving enforcement of the Helms-Burton Act.
Major fire contained at Chevron’s El Segundo refinery, investigation underway
A major fire has been extinguished at Chevron’s main refinery on the US West Coast. The cause of the incident remains unknown, and an investigation has been launched to determine its origin.
OPEC+ prepares new production hike amid rift between Riyadh and Moscow
Eight OPEC+ countries are set to increase oil output from November, as Saudi Arabia and Russia debate the scale of the hike amid rising competition for market share.
China could supply gasoline to Russia if Moscow removes import duties
The potential removal by Moscow of duties on Chinese gasoline revives export prospects and could tighten regional supply, while Singapore and South Korea remain on the sidelines.
Putin denounces “piracy” after tanker seized off French coast
Vladimir Putin responded to the interception of a tanker suspected of belonging to the Russian shadow fleet, calling the French operation “piracy” and denying any direct Russian involvement.
Russian oil tanker Boracay resumes voyage after being seized by France
After being intercepted by the French navy, the Boracay oil tanker, linked to Russia's shadow fleet, left Saint-Nazaire with its oil cargo, reigniting tensions over Moscow’s circumvention of European sanctions.
Russian crude exports hit 18-month high despite sanctions pressure
Russian seaborne crude shipments surged in September to their highest level since April 2024, despite G7 sanctions and repeated drone strikes on refinery infrastructure.
Moscow rules out diesel export ban for producers
Russia’s Energy Ministry stated it is not considering blocking diesel exports from producers, despite increasing pressure on domestic fuel supply.
Russia extends ban on gasoline and diesel exports until 2025
The Russian government has extended the ban on gasoline and diesel exports, including fuels traded on the exchange, to preserve domestic market stability through the end of next year.
OPEC denies imminent production hike by eight OPEC+ countries
OPEC has formally rejected media reports suggesting that eight OPEC+ countries plan a coordinated oil production increase ahead of their scheduled meeting on October 5.
International Petroleum completes buyback of 7.46 million common shares
International Petroleum Corporation has completed its annual common share repurchase programme, reducing its share capital by 6.2% and is planning a renewal in December, pending regulatory approval.