Oil Market Update – Q1 2022: (Elevated oil prices here to stay)

Although OPEC data showed global oil demand grew by a healthy 5.3 percent year-on-year in Q1 2022, the agency recently revised down full year 2022 oil demand growth by 12 percent. It is also worth highlighting that OPEC’s current outlook on oil demand is based not only on the assumption that armed conflict in Ukraine does not escalate, but that it eases in the second half of the year.