IEA predicts growth in oil production and demand in 2022

The IEA published a report assessing the situation in the oil market. According to agency experts, global oil production may increase by 6.3 million BPD in 2022. However, this requires that the OPEC + countries completely abandon production cuts under the existing agreement. IEA experts noted that the alliance’s member countries failed to fulfill obligations to increase the volume of raw materials production. It turned out to be 900 thousand b/d below the target. The agency expects the global oil market to return to a surplus this year. According to the plan, the demand for raw materials will increase by 3.2 million b/d. It will reach a grade of 100.6 million bps. It will be facilitated by the lifting of restrictive measures in countries previously introduced to combat the coronavirus spread. The effect of omicron on demand was not as significant as expected. In addition, the USA saw an increase in the volume of oil consumed against the backdrop of cold weather conditions.


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Arseny Kudrin

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