Forecast of global crude oil market in 2022
Abstract
Reputable organisations in the world like Wood Mackenzie and EIA forecast that the price of crude oil in 2022 will average USD 74 - 75 a barrel as the Covid-19 pandemic is under control along with the recovery of the world's major economies. Global oil demand is expected to return to pre-pandemic levels by the second half of 2022, reaching more than 100 million barrels per day, of which the Asia-Pacific is the highlight of growth with consumption in Q4/2022 of about 37 million barrels per day. It is forecasted that supply will continue to follow demand movement and OPEC+ to keep the increasing production momentum, averaging around 2 - 3 million barrels per day in 2022.
References
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Wood Mackenzie, “Macro oils short-term outlook”, 1/2022. [Online]. Available: https://www.woodmac.com/reports/oil-markets-macro-oils-short-term-outlookjanuary-2022-558548.
IHS Markit, “Price forecast data updated”, 12/2021.
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