Global Oil Demand to Surpass Pre-COVID Levels: Report

Riyadh-based think tank KAPSARC expects oil demand in the third quarter to rise across all countries except India despite global headwinds and early signs of a looming recession. Demand in the U.S. is said to lead the way.

Global Oil Demand to Surpass Pre-COVID Levels: Report

Demand in the U.S. will lead the way and reach 20.6 million bbl/d (21% of demand), driven mainly by gasoline demand ahead of the summer driving season, according to the King Abdullah Petroleum Studies and Research Center (KAPSARC). (Source: Shutterstock.com)

Demand for oil globally is expected to reach 100.6 million bbl/d by the end of the third quarter 2022, up 1.9% sequentially from the prior quarter and surpassing levels seen prior to the COVID-19 pandemic, according to a Riyadh-based think tank.

“At 54 million bbl/d, non-OECD countries are expected to account for 53% of that growth,” the King Abdullah Petroleum Studies and Research Center (KAPSARC) revealed last week, citing details from its upcoming KAPSARC Oil Market Outlook (KOMO). 

The quarterly KOMO report leverages Saudi Arabia’s market knowledge to present an objective global oil outlook. The report uses International Energy Agency data and econometric modeling to provide insightful forecasts of supply, demand, risks, balances and pricing. Importantly, KAPSARC offers additional viewpoints to those already voiced by oil giant Aramco and the Saudi Ministry of Energy.

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Pietro Pitts

Pietro Donatello Pitts is a senior energy reporter for Hart Energy. He covers Latin America and the Caribbean as well as regions from North America to Europe, Africa and Asia. He covers topics spanning from the upstream, midstream and downstream sectors to the energy transition and geopolitical events impacting the global energy sector.