OPEC: World oil demand set to rise by 4.2M bpd in 2022

The global demand for crude oil is expected to increase by 4.2 million barrels per day in 2022 compared to the previous year, the OPEC Bulletin issue for December 2021-January 2022 revealed on Tuesday. The expansion will be boosted by “improved COVID-19 management and rising vaccination rates.”

The OPEC Bulletin also estimated that the world would achieve economic growth of 4.2% this year. “While some inflationary factors may qualify as temporary, the rise in wages and salaries in affected economies may turn out to be of a more sustained nature,” the organization warned.

Baha Breaking the News (BBN) / ND