Page 102 - RusRPTOct21

2022. OPEC is expecting that oil demand will growy 4.15MMbbls/d (an increase of 870Mbbls/d from their previous forecast) next year to average 100.83MMbbls/d, which is above pre-pandemic levels. There was little change to demand growth forecasts for 2021. The group expects demand this year to growy 5.96MMbbls/d. While on the supply side, some downward revisions were made to non-OPEC supply for 2021 as a result of Hurricane Ida, disruptions to Mexican output and lower North Sea production. OPEC expects non-OPEC supply growth of 920Mbbls/d in 2021 compared to a previous estimate of 1.09MMbbls/d. 2022 non-OPEC supply growth was kept largely unchanged at 2.95MMbbls/d. This leaves the call on OPEC production at around 28.75MMbbls/d in 2022, compared to the current production of 26.76MMbbls/d.
Global demand for oil will increase insignificantly after 2025 and stop rising after 2035, the OPEC said in its annual World Oil Outlook (WOO) report on Tuesday. Global oil demand will increase 2.6mnarrels per day annually in 2020–2025,y 0.6mnarrels per day annually in 2025–2030, and by only 0.3mnarrels per day in 2030–2035, it said. In Russia, peak demand for oil will also registered in 2025, then demand will remain flat during 15 years, and it willegin to falleyond 2040. Global demand for energy will increase 27.8% to 352m barrels of oil equivalent in 2045 from 275.4mnarrels of oil equivalent in 2020, with the share of oil in the global energy portfolio fallingy 2%age points, and the share of gas rising 1.1%age points, according to the report. Demand for renewable energy resources will grow 5.4-fold from 2020 through 2045, the OPEC also said.
The Russian Ministry of Energy will report to the government on potentially allowing state oil giant Rosneft access to gas exports "in the coming days", according to Interfax quoting Vice-Prime Minister curating the energy sector Alexander Novak. As covered in detailed by b ne IntelliNews, most recently Russia’s most influential oilman, Igor Sechin, head of Rosneft, has renewed his push to allow the company to export gas by pipeline, in spite of Gazprom’s monopoly over these supplies. "Rosneft’s long-running attempts Steam Gazprom’s export monopoly may finally bear fruit, with the launch of Nord Stream 2 and record-high European gas prices providing the impetus required to change long-standing policy,"CS Global Markets commented on September 15. The analysts see the potential policy change as more negative for Gazprom than positive for Rosneft, while maintaining auy call for shares of both companies. SeniorCS GM oil & gas analyst Ronald Smith reminds that all previous attempts Rosneft to access pipeline gas exports have been successfully rebuffed in the halls of government Gazprom.
After the completion of the Nord Stream-2 pipeline, on Monday Germany's energy regulator, said it had four months to complete a certification. After receiving all the necessary documentation, Nord Stream 2 has lodged an application for an operating license from the pipeline company. The Federal
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