OPEC on Thursday cut its forecast for growth in world oil demand in 2022 for a second straight month, citing the impact of Russia’s invasion of Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China.

The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that world demand will increase by 3.36 million barrels per day (bpd) in 2022 from its forecast by 310,000 barrels of war.

OPEC Cuts 2022 World Oil Demand Forecast Again on Ukraine War | Devamı>>>

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 International Energy Agency on Tuesday cut its 2021 global oil demand forecast, citing soaring Covid-19 cases and renewed lockdown measures that will further limit mobility.

The IEA said it now expects world oil demand to recover by 5.5 million barrels per day to 96.6 million this year. That reflects a downward revision of 0.3 million barrels from last month’s assessment and follows an unprecedented collapse of 8.8 million barrels per day last year as the coronavirus pandemic battered global oil markets.

IEA on Tuesday Cut It’s 2021 Global Oil Demand Forecast | Devamı>>>

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said. As the global economy restarts, fewer people will fly and use their cars, analysts including Ed Morse wrote. With meetings going virtual and business no longer needing to move employees around the world in the same way as before, there will be powerful forces pushing a transition away from oil, they wrote in a report.

At its peak, the virus wiped out as much as 30% of total oil demand, and the market is still recovering.

Citigroup Says Oil Demand Will Never Reach Pre-Pandemic Levels | Devamı>>>

It’s becoming evident the COVID-19 will disrupt the lives of the world’s 7.8 billion human inhabitants for much longer than we could have imagined. Already, millions are infected and hundreds of thousands dead, while the global economy could contract 3% this year in the worst downturn since the Great Depression.

Policymakers are responding by injecting trillions of dollars to help the sputtering economy. But for economic and environmental reasons, one sector should not receive a taxpayer bailout – the oil and gas industry.

Let’s Invest In An Energy Future That Preserves The Economy | Devamı>>>

Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bpd) compared with a year earlier, it said, noted it would be “the first quarterly decrease in more than a decade”.

Oil Demand Set for First Fall in a Decade as Virus Takes Toll: IEA | Devamı>>>