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JP Morgan says world oil demand to surpass 2019 levels by March 2022


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(Reuters) – JP Morgan expects crude oil demand to surpass 2019 levels by March 2022, driven by a rebound in economic activities and countries reopening their borders, the bank said in a research note on Wednesday.

The bank expects global oil demand to grow 3.5 million barrels per day (bpd) in 2022 to reach 99.8 million bpd, which would be 280 kilo bpd above 2019 levels.

The bank also expects Brent oil prices to average $88 per barrel in 2022 and $82 per barrel in 2023 and breach $90 per barrel sometime in the third quarter of 2022.

Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.



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