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MCX Crude oil futures broke above Rs 5200 per barrel today and currently trades up 0.12% at Rs 5208 per barrel. WTI Crude oil futures are soaring today on firm demand hopes. The International Energy Agency (IEA), stated in the latest update that global oil demand is set to return to pre-pandemic levels by the end of 2022, rising 5.4 mb/d in 2021 and a further 3.1 mb/d next year.
The OECD accounts for 1.3 mb/d of 2022 growth while non-OECD countries contribute 1.8 mb/d. Jet and kerosene demand will see the largest increase (+1.5 mb/d y-o-y), followed by gasoline (+660 kb/d y-o-y) and gas oil/diesel (+520 kb/d y-o-y).
World oil supply is expected to grow at a faster rate in 2022, with the US driving gains of 1.6 mb/d from producers outside the OPEC+ alliance. That leaves room for OPEC+ to boost crude oil production by 1.4 mb/d above its July 2021-March 2022 target to meet demand growth. In 2021, oil output from non-OPEC+ is set to rise 710 kb/d, while total oil supply from OPEC+ could increase by 800 kb/d if the bloc sticks with its existing policy.
OECD industry stocks held relatively steady in April, at 2 926 mb, but fell 1.6 mb below the pre-Covid 2015-19 average for the first time in more than a year. This, clubbed with a sustained drop in daily Covid-19 cases is keeping oil elevated above $70 per barrel. WTI Crude oil is currently trading up 0.49% at $71.26 per barrel.
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