Tuesday , May 17 2022

OPEC downgrades demand forecast forecast again


Again, OPEC has reduced the forecast of global demand for this year's and next year's growth, and voiced concern over over-supply.

In a regular monthly report published on Tuesday, OPEC experts predicted this

Compared with 1.5 million barrels last year, world oil demand rose to 98.79 million barrels.

Compared to the October forecast, this means a decline of 40,000 barrels per day.

In the coming year, oil demand may rise to 100.08 million barrels per day with 1.20 million barrels. Compared to the latest estimate of the oil cartel, this means 70,000 barrels of decline.

World oil supply was 99.76 million barrels in October, up 440,000 barrels a month and an annual increase of 2.1 million barrels. OPEC experts think that oil extraction countries will increase their production this year and beyond, especially in the US.

Although the oil market has now reached an equilibrium position, predicting the production of non-OPEC countries next year shows that supply is expanding and is much higher than demand, leading to an increasing surplus in the oil market.

Analysts added that the expected slowdown in global economic growth and related uncertainties have pushed the pressure on oil market demand for months to come.

OPEC, as in the previous month, reduced 33% of world oil production in October. The member states of the cartel produced 32 thousand million barrels of oil a day and 127 thousand more oil per day compared to September.

Photo: AFP

While a significant increase in Angola (22,000 barrels per day), Libya (60,000), Saudi Arabia (127,000) and UAE (142,000) increased significantly, Iran with 156,000 barrels It fell to a million barrels. Venezuela recorded 40,000, Kuwait 33,000 and Nigeria 17,000 barrels per day.

Oil demand from OPEC member countries can kick 32.6 million barrels a day, which is 900,000 barrels less than last year. Next year, the demand for this year will be 31.5 million barrels, less than 1.1 million barrels.

Non-OPEC countries increased their production by 310,000 barrels per day to 66.86 million barrels in October.

For the countries other than OPEC, oil production will increase by 2.31 million barrels a day and 59.86 million barrels and 2.23 million barrels to 62.09 million barrels a year.

The benchmark, which measures the average price of crude oil produced by the member countries of OPEC, increased by $ 2 per barrel in October to $ 79.39 for the four-year peak.

Brent's futures price in the North Sea rises from $ 1 to $ 52 to $ 80.63 in the Intercontinental Exchange in London (ICE), while West Texas & # 39 in the Western Hemisphere In the West Texas Central (WTI), Western Texas's Intermediate (WTI) rose 67 cents. Increased by the end of October.

Trump & # 39; s words forced oil price

US president, Saudi Arabia & # 39; s oil exports in December, indicating that he hopes to cut the price of Brent oil fell below the level of $ 70 Tuesday.

Source link