For 2022, world oil demand growth is revised down by 0.5 mb/d to stand at 3.7 mb/d, mostly reflecting the downward revision in world economic growth. Oil demand growth is forecast at 1.9 mb/d in the OECD and 1.8 mb/d in the non-OECD.

The 2022 forecast for global oil demand growth remains under assessment at 4.2 mb/d, with OECD forecast at 1.9 mb/d and non-OECD at 2.3 mb/d.

In 2022, oil demand growth is expected at 4.2 mb/d unchanged from last month, with OECD and non-OECD projected to grow by 1.8 mb/d and 2.3 mb/d, respectively.

World oil demand is kept unchanged compared to last month’s assessment, showing a growth of 5.7 mb/d in 2021.

World oil demand growth in 2021 is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.

This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019. Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products.

World oil demand growth in 2021 remains unchanged from last month’s assessment, showing growth of 6.0 mb/d despite some offsetting revisions.

For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s estimate, to average 96.5 mb/d.

In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.

“We must emphasize in strong terms: cautious optimism, cautious optimism, cautious optimism.”