Forecast of global crude oil market in 2022

  • Doan Tien Quyet Vietnam Petroleum Institute
Keywords: Oil price, supply, demand


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.


EIA, “Short-term energy outlook”, 1/2022. [Online]. Available:

Wood Mackenzie, “Macro oils short-term outlook”, 1/2022. [Online]. Available:

IHS Markit, “Price forecast data updated”, 12/2021.

Lucia Quaglietti and Collette Wheeler, “The global economic outlook in five charts”, World Bank, 11/1/2022. [Online]. Available:

Stephanie Flanders, “Central Banks, not Covid, will drive global economies in 2022”, Bloomberg, 12/1/2022. [Online]. Available:

Morgan Stanley, “2022 global macro outlook: Growth despite inflation”, 9/12/2021. [Online]. Available:

Vipal Monga, “One of the world’s dirtiest oil patches is pumping more than ever”, The Wall Street Journal, 13/1/2022. [Online]. Available:

How to Cite
Doan, T. Q. (2022). Forecast of global crude oil market in 2022. Petrovietnam Journal, 1, 70 - 75.