Global oil demand to exceed 100mln bpd in 2022: Saudi Aramco

Global oil is expected to rise to over 100 million bpd next year, according to Saudi Aramco President Amin Nasser, Al Arabiya reported.

Speaking at the Nikkei Global Management Forum, Nasser said the demand for oil and gas will remain solid for a decade.

Global reserve oil capacities are currently between 3 million to 4 million bpd, he said.

Nasser also revealed that Aramco is considering signing contracts to sell blue hydrogen to Japan and South Korea.

The joint technical committee of OPEC + reduced its estimates for the growth of global oil demand this year to 5.7 million bpd from 5.8 million, amid the continued strong recovery of consumption since its collapse in 2020, two sources told Reuters.

One of the sources stated that the Joint Technical Committee, which met in late October, kept its forecast for demand growth over the next year at 4.2 million bpd.

The source added that the revision of growth estimates in 2021 is "no cause for concern" because it serves as an update to the data.

The world consumed 92.2 million bpd of oil last year, according to the US government’s Energy Information Administration.

Separately, Asharq reported citing Bloomberg that Nasser believed the transition to non-fossil sources would be slower than many think.

However, the oil giant president reaffirmed that the company is confident of achieving carbon neutrality by 2050.