The organization named Canada, Russia, and China as the main drivers of oil production growth globally.
The growth of global oil demand in 2021 will amount to 6 million barrels per day (b / d); the estimate has not changed compared to the July one, according to the August OPEC.
OPEC emphasizes that expectations for demand growth have not changed, despite improving the main macro forecasts. In general, in 2021, oil demand will recover to 96.6 million b/d, OPEC expects. OPEC also maintained its assessment of the recovery in demand for 2022 in the amount of 3.3 million b/d.
According to OPEC, global oil demand will exceed the mark of 100 million b / d in the second half of 2022, and the average for the year will be 99.9 million b/d. The organization believes that the pandemic as a whole is controlled by high rates of vaccination and improved treatment methods.
At the same time, OPEC raised its forecast for the growth of oil supplies.
Thus, the organization raised the forecast for the growth of supplies from non-OPEC countries for 2021 by 0.27 million b / d and by 0.84 million b / d for 2022. This is because the OPEC+ countries decided in July to increase production at a rate of 0.4 million b/d per month until September 2022. In addition, OPEC expects a revision of production forecasts in the United States and Canada. At the same time, OPEC calls Canada, Russia, China, the United States, Norway, and Brazil, the main drivers of oil production growth.
