100 million barrels of oil consumption next year


Al-Rajhi Capital expected the continued rise in oil prices due to the strong demand and gradual growth in supply mainly from the OPEC Plus alliance, expecting an increase in global demand in 2021/2022 to 100 million barrels per day. Increasing production per month by only 0.4 million barrels per day, helps the market to remain mostly stable, but the emergence of the Omicron mutant, may dampen demand growth somewhat in the coming periods, and added: After a long period of high inventory levels, it began to The decline in the OECD countries, starting from April 2020, as the reserves of the OECD countries as a percentage of global demand are currently 7.7% as in October 2021, and is likely to remain lower than the previous levels of 8%, which indicates a market According to the US Energy Information Agency, the average global consumption of crude oil and liquid fuels will reach 97.5 million barrels per day for the year 2021, which means an increase of 5.1 million barrels per day than it was in 2020, and the Energy Information Agency expects a rise in global consumption of oil and liquid fuels, by 3.4 million barrels.

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