The International Energy Agency (IEA) raised by 140 thousand b/s forecast of oil demand growth in 2022, as follows from the monthly report of the agency.

Thus, analysts slightly increased the estimate of demand in 2021 – by 10 thousand b / s, to 97.67 million b / s; the forecast for 2022 compared to the October report increased by 150 thousand b / s – to 99.93 million b / s. Thus, in 2022, the IEA expects global oil demand to grow by 2.26 mln b/s vs. 2.12 mln b/s a month earlier.

The IEA also slightly raised its estimate of global oil demand in 2023 from 101.39 million b/s to 101.64 million b/s. Thus, the consumption growth estimate was raised by 100 thousand b/s to 1.71 million b/s.

The agency notes that oil demand remains relatively resilient, especially in non-OECD countries. “Actual data for China and the Middle East were generally favorable, mainly due to diesel. In contrast, oil demand in OECD countries remained weak due to extremely weak demand for petrochemicals in Europe and Asia, even as the shift from gas to oil in production processes continued,” the report said.

Global commercial oil inventories fell by 23.2 million barrels in October, primarily on the back of a decline in petroleum product stocks – the first time since March. At the same time, stocks in OECD countries increased – by 17.3 million barrels to 2.765 billion barrels.