The global demand for crude oil is expected to increase by 4.2 million barrels per day in 2022 compared to the previous year, the OPEC Bulletin issue for December 2021-January 2022 revealed on Tuesday. The expansion will be boosted by "improved COVID-19 management and rising vaccination rates."
The OPEC Bulletin also estimated that the world would achieve economic growth of 4.2% this year. "While some inflationary factors may qualify as temporary, the rise in wages and salaries in affected economies may turn out to be of a more sustained nature," the organization warned.
