2022 GROWTH FORECAST REMAINS UNCHANGED, OPEC SECRETARY GENERAL

OPEC SECRETARY GENERAL MOHAMMAD SANUSI BARKINDO SAYS the 2022 growth forecast remains unchanged at 4.2%.
This he says is a sign of the world’s economic resilience, as a new study by the Centre for Economics and Business Research in the UK estimates that global economic output will surpass $100 trillion in 2022, two years earlier than expected.
According to him is because the world has learned several hard lessons over the past two years, and many economies are now better equipped today to manage COVID-19 and its side-effects.
Despite the steady progress that has been made in terms of the economic recovery, Globally significant levels of uncertainty in the weeks to come is expected which could slow the growth momentum.
In addition to closely monitoring the evolving impacts of the Omicron variant, other factors to consider will be the varying speed of vaccine rollouts worldwide
the uneven pace of economic growth across global regions; and continued supply chain disruptions. Additionally, he said rising inflationary pressures and potential central bank responses remain key factors that require close monitoring.
Looking at demand,the industry foresee world oil demand increasing
The 58th Meeting of the Joint Technical Committee the first meeting of OPEC IN 2022 also applauded the contributions of OPEC and non-OPEC DECLARATION OF COOPERATION delegates
for their continued support in advancing the joint efforts to achieve sustainable oil market stability.
OPEC SECRETARY GENERAL NOTED that As the new year gets underway.
The need to continue to watch closely the developments in the global oil and gas industry with regard to the COVID-19 pandemic remain sacrosanct
Especially with the new variant Omicron.
Despite the ongoing uncertainties the world is witnessing, the flexible approach by the Declaration of cooperation members has helped provide an added sense of stability, reassurance and continuity to the market and investors.
He said As the DOC MEMBERS usher in the sixth year of collaboration, The noted the need to move forward with confidence knowing that the highly effective and well-reputed framework for multilateral energy cooperation will once again prove to be the way of the future for this industry.

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