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Amin (OPEC): Global demand for oil will exceed pre-Corona levels in 2022

03-01-2022

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Muhammad Barkindo, expected today, Monday, that global demand for oil during the current year 2022 will exceed pre-crisis levels caused by the pandemic of the Corona virus (Covid 19). The organization’s media department quoted Barkindo as saying at the beginning of the 58th meeting of the joint technical committee of the (OPEC +) alliance, which was held via (video conference) technology to discuss oil market developments and trends, that “global demand for oil is expected to reach 100.6 million barrels per day in the year 2020.” 2022, exceeding pre-pandemic levels. He stressed that "the (OPEC +) alliance's flexible approach helped provide an additional sense of stability, reassurance and continuity to the market and investors alike, despite the continued state of uncertainty." He pointed out that "the method of work of the OPEC + alliance countries has, in fact, remained the same in dealing with the volatile oil market dynamics throughout the pandemic period." Regarding the state of the oil market, Barkindo stressed the need to "remain extremely vigilant and be motivated to adapt to the ever-changing situation". He also expressed his appreciation for the "historic achievement achieved by the members of the Joint Technical Committee," praising its "unremitting efforts and firm commitment to the goals of the OPEC Plus Declaration since its inception on December 10, 2016." "As another chapter begins in the new year, let us remember with a sense of pride all that we have accomplished so far by declaring the historic collaboration," he added. The meeting comes one day before the thirty-sixth meeting of the Joint Ministerial Monitoring Committee of the (OPEC +) alliance concerned with monitoring production cuts, as well as before the twenty-fourth virtual ministerial meeting of the alliance to be held tomorrow, Tuesday.