The return of global oil demand predicts further rise in 2022
Global demand for oil witnessed a strong return in 2021. Archive
Global demand for oil witnessed a strong return in 2021 as the world began to recover from the Corona virus pandemic, and it is possible that the volume of global consumption will reach a level not reached before in 2022, despite efforts to reduce fossil fuel consumption with the aim of mitigating climate change.
Gasoline and diesel fuel consumption has jumped this year, with travel resuming and business improving.
In 2022, the International Energy Agency says, crude oil consumption is expected to reach 99.53 million barrels per day, up from 96.2 million barrels per day this year.
This level of consumption will be slightly lower than the daily consumption in 2019, which amounted to 99.55 million barrels.
This will put pressure on the Organization of the Petroleum Exporting Countries (OPEC) and the US shale oil industry to meet demand.
After the year began at $52 a barrel, Brent crude rose to about $86 a barrel, before declining at the end of the year.
Forecasters say prices may resume their upward trajectory in 2022, unless supplies increase beyond expectations.
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