Demand for oil in 2022 will grow by 3.3 million barrels per day, the market will be in short supply – IEA
16:18 19.01.2022 6093
Demand for oil in 2021 increased by 5.5 million barrels per day, and in 2022 it will increase by 3.3 million bpd, Interfax and Bloomberg report citing a report by the International Energy Agency (IEA).
The agency sees a tighter market than previously thought as demand has been hit surprisingly little by the omicron strain of COVID-19 while supply has been held back by disruptions.
Global market surpluses are shrinking this year, and oil demand, up slightly from last month, is approaching a pre-pandemic level of 99.7 million b/d, the IEA said in a monthly report. At the same time, supplies have been tight as the OPEC+ coalition struggles to restore stalled production, and producers elsewhere suffer from a series of disruptions, reducing spare capacity.
As the number of omicron cases rises worldwide, demand for oil exceeded all expectations in the fourth quarter, the report says. 2021, an increase of 1.1 million b/d to 99 million b/d.
“A seasonal decline in demand is expected in 1 quarter of 2022, exacerbated by more remote work and less air travel. We have raised our estimates of global demand by 200 kb/d for 2021 and 2022, leading to an increase of 5.5 million b/d c and 3.3 million b/d, respectively, due to softer COVID restrictions,” the IEA writes.
According to analysts, in 2021 the demand for oil will be 96.4 million b/d, and in 2022 – 99.7 million b/d.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.