OPEC Monthly Report: Maintain global economic expectations and raise crude oil demand expectations

GMT+8 On Wednesday (October 13), OPEC published a monthly report showing that despite the rise in oil prices, OPEC is still cautious about oil demand. The 2021 global oil demand growth forecast is lowered by 160,000 barrels/day to 5.8 million barrels/day, and the demand for OPEC crude oil in 2021 is expected to be raised by 100,000 barrels/day to 27.8 million barrels/day.



The OPEC monthly report maintains the global oil demand growth forecast in 2022 unchanged at 4.2 million barrels per day, with an average of 100.8 million barrels per day, and lowers the forecast of oil demand growth in 2021 from the previous 5.96 million barrels per day to 5.82 million barrels per day. /Day, rising natural gas and thermal coal prices will encourage more energy consumption to shift from natural gas to oil. Second-hand data shows that Iran’s September crude oil production increased by 22,000 barrels per day to 2.503 million barrels per day.

The demand for OPEC crude oil in 2021 will be raised by 100,000 barrels/day to 27.8 million barrels/day, and the demand for OPEC crude oil in 2022 will be increased by 100,000 barrels/day to 28.8 million barrels/day.

Second-hand data show that Saudi Arabia’s September crude oil production increased by 139,000 barrels/day to 9.678 million barrels/day, the UAE’s September crude oil production increased by 14,000 barrels/day to 2.789 million barrels/day, and Libya’s September crude oil production decreased by 5 thousand barrels/day. Barrels/day to 1.148 million barrels/day, China’s net imports of petroleum products increased by 1.28 million barrels/day to 11.19 million barrels/day compared with the previous round of statistics.

U.S. net imports of petroleum products increased by 1.01 million barrels per day to 1.53 million barrels per day from the previous round of statistics. India’s net imports of petroleum products increased by 600,000 barrels per day to 4.02 million barrels per day from the previous round of statistics. China's net imports of petroleum products increased by 1.28 million barrels per day to 11.19 million barrels per day from the previous round of statistics.

Maintaining the global economic growth forecasts for 2022 and 2021 at 4.2% and 5.6%, respectively, the global oil demand in 2021 is expected to be 96.6 million barrels per day. (Last month expected to be 96.7 million barrels/day), the 2021 non-OPEC oil supply forecast was lowered by 210,000 barrels/day.