Experts Expect Increase in Global Demand for Oil during Q2 of 2022

Preliminary estimates indicate a decline in global demand for crude oil during the first quarter of 2022 to reach about 99 million barrels per day, a decrease of 1.2% compared to the levels of the previous quarter, according to the monthly bulletin on petroleum developments in global markets in April 2022.

The report issued by the Organization of Arab Petroleum Exporting Countries (OAPEC) added that the demand of the Organization for Economic Cooperation and Development countries decreased by 3.3% to reach about 45.2 million barrels per day, while the demand of the rest of the world increased by 0.7% to reach about 53.8 million barrels per day.

The report indicated that global demand for oil is expected to rise during the second quarter of 2022 to reach about 99.1 million barrels per day, as the demand of the group of OECD countries is expected to rise to about 45.8 million barrels per day.