OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and India.

The Organization of the Petroleum Exporting Countries said in its monthly report that demand next year would rise by 3.4% to 99.86 million barrels per day (bpd), and would average more than 100 million bpd in the second half of 2022.

OPEC Sees World Oil Demand Reaching Pre-Pandemic Level in 2022 | Devamı>>>

The overarching challenge of COVID-19 is expected to impair the growth rates in almost all economies over the medium-term. The average OECD growth rate will stand at 0.7% p.a. in the period from 2019 to 2025, compared to the pre-COVID-19 projected growth level of 2.1%p.a.

For non-OECD countries, GDP is expected to grow by 3.4% p.a. on average during the same period, which is more than 1 percentage point lower compared to past projections.

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It has been announced by Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr. Muhammed Barkindo, that it plans to publish a chart of the details of voluntary production cuts quotas for members of the OPEC that support their prices and for the countries that are moving together, such as Russia.

Barkindo said that the actual limit for the member countries to reach 1.2 million barrels of production cuts per day was 3.02 percent, while this ratio was above 2.5 percent.

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