Benchmarking: Global Oil Demand Grows Minimum 3.2 Million b/d

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  • As pandemic risks begin to recede, consensus forecasts for total liquids demand in 2022 are converging.
  • The outlook for the US oil patch is ever more bullish as high prices give producers more leeway for upstream investment. 
  • Consensus is still split on balances for 2022, although Energy Intelligence sees a net draw of 150,000 b/d for the year.

Among the four forecasters surveyed, the range in demand growth estimates for this year is now 3.2 million-4.2 million barrels per day. Energy Intelligence is at the lower end of the range at 3.4 million b/d.

Crude Oil, Oil Demand, Oil Forecasts, Oil Supply
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