RIYADH: The global oil demand is expected to witness a 1.9 percent quarter-on-quarter growth to 100.6 million barrels per day in the third quarter of 2022, according to the King Abdullah Petroleum Studies and Research Center.
This increase is higher than the pre-pandemic levels.
In its latest Oil Market Outlook, KAPSARC noted that countries outside the Organisation for Economic Co-operation and Development are expected to account for 53 percent of this growth with 54 million bpd.
Saudi Arabia’s oil demand is expected to increase in the third quarter to 4.3 million bpd, as the Kingdom aims to satisfy its vast cooling needs throughout the summer season, the report added.
It further noted that oil demand will be the highest in the US with 20.6 million bpd, followed by China and India with 15.3 million bpd and 4.8 million bpd respectively.
According to the report, 2.2 million bpd of net global growth is expected on the supply side. This would imply an organic increase of 0.9 percent, hitting 99.4 million bpd over the next quarter — the highest level of quarter-on-quarter growth seen in several years.
The report added that Saudi Arabia’s quarter-on-quarter estimates will witness a growth of 3.2 percent reaching 12,356 million bpd for all liquids, which accounts for about 60 percent of the total supply growth of the Organization of the Petroleum Exporting Countries.