Oil Market Update – Q4 2021: (Rising geopolitical risks)

Global oil demand grew by a healthy 6 percent year-on-year, or 5.6 million barrels per day (mbpd) last year, to an average of 96.6 mbpd. Looking ahead, whilst near-term Omicron related risks remain, so far, the response from governments around the world to surging cases have not been as severe as previous variants. Overall in full year 2022, oil demand is expected to rise by 4 percent year-on-year, to an all time high of 100.8 mbpd.