Open AccessForecast of global crude oil market in 2022
Author(s) -
Tien Quyet Doan
Publication year - 2022
Publication title -
dầu khí
Language(s) - English
Resource type - Journals
ISSN - 2615-9902
DOI - 10.47800/pvj.2022.01-05
Subject(s) - barrel (horology) , crude oil , agricultural economics , consumption (sociology) , momentum (technical analysis) , covid-19 , forecast period , economics , supply and demand , business , production (economics) , economy , finance , geography , engineering , petroleum engineering , medicine , social science , disease , archaeology , pathology , infectious disease (medical specialty) , macroeconomics , microeconomics , sociology , net present value
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.