Via Bloomberg comes this from oil firm BP, in brief:

  • expects global oil consumption will return to pre-pandemic levels in Q3 2022
  • Asia persisting as the centre for oil-product demand growth
  • 2022 oil demand expected average gain of 3.8 m bpd y/y v (down from 2021 at 5.4 m bpd)

On the supply side of the ledger:

  • global oil output growth will probably exceed consumption in 2022
  • OPEC+ and US producers will add more output