By Eyo Nsima
The global oil demand is set to rise by 5.96 million barrels per day, mb/d in the remaining part of 2021, according to the Organisation of Petroleum Exporting Countries, OPEC.
In its October Oil Report, obtained by The Daily, www.thedaily-ng.com, OPEC, stated: “World oil demand is estimated to increase by 5.8 mb/d in 2021, revised down from 5.96 mb/d in the previous month’s assessment.
“The downward revision is mainly driven by lower-than-expected actual data for the first three quarters of this year, despite healthy oil demand assumptions going into the final quarter of the year, which will be supported by seasonal uptick in petrochemical and heating fuel demand and the potential switch from natural gas to petroleum products due to high gas prices.
“Both OECD and non-OECD figures are adjusted lower, with the downward revision in OECD regions focused in 1H21, while the non-OECD revision is concentrated in 3Q21.The world is expected to consume 96.6 mb/d of petroleum products this year. For 2022, world oil demand growth is unchanged at 4.2 mb/d.”
It added: “As a result, global demand next year is seen averaging 100.8 mb/d. Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic.”