Forecast of global crude oil market in 2022 | Zendy

Tien Quyet Doan | Zendy

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Forecast of global crude oil market in 2022

Author(s) -

Tien Quyet Doan

Publication year - 2022

Publication title -

petrovietnam journal

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.

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