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OPEC Pegs Global Oil Demand At 100.6mbd In 2022
The Organisation of the Petroleum Exporting Countries (OPEC) has said that world total oil demand in 2021 is pegged at 96.5million barrel per day (mb/d) and at 100.6mb/d in 2022, surpassing pre-pandemic levels.
OPEC outgoing Secretary General, Mohammad Barkindo disclosed this at the 58th virtual meeting of the Joint Technical Committee “ its first meeting of 2022.
Barkindo, in an opening remark, explained that looking at demand, it estimated world oil demand increasing by 5.7mb/d in 2021 and by 4.2mb/d, both unchanged from December, 2021.
He stated that some of the recovery previously expected in the fourth quarter of 2021, shifted to first quarter of 2022, followed by a more steady recovery throughout second half of 2022, though risks were skewed towards the downside.
According to him, our 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.
“In addition to closely monitoring the evolving impacts of Omicron variant, other factors to consider will be varying speed of vaccine rollouts worldwide; the uneven pace of economic growth across global regions; and continued supply chain disruptions.
“Additionally, rising inflationary pressures and potential central bank responses remain key factors that require close monitoring,” he said.
In terms of the supply-side, he said that non-OPEC supply in 2021 was expected to grow by 700,000 b/d to average 63.7mb/d, unchanged from December, 2021.
He added that for 2022, non-OPEC supply growth was forecasted at 3.0mb/d for an average of 66.7mb/d, also unchanged from last month.
“We continued to monitor the potential near-term impacts if some leading consuming countries carry through with their announced plans to release an estimated 70mb from their strategic oil reserves.
“Looking at inventories, preliminary data shows total OECD commercial stocks fell by 16mb in November, 2021 to 2.721billion barrels, which is 389mb lower than the same month one year ago and 211mb below the 2015-2019 average.
“However, today we will particularly focus on the prospects for a global supply surplus developing this year.
“As another chapter begins with the New Year 2022, let us remember with a sense of pride all that we have accomplished to date through our landmark Declaration of Cooperation.
“As we usher in the sixth year of collaboration, we move forward with confidence knowing that this highly effective and well-reputed framework for multilateral energy cooperation will once again prove to be the way of the future for this industry,” he said.
The OPEC secretary-general, however, said the industry stakeholders around the world would continue to validate the highly productive and valuable role that the group of producers continued to play.
He said that it had developed the system and tools for success, and now, would merely need to remain flexible and agile in constantly adapting to the latest requirements of the market.
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I’m Committed To Community Dev – Ajinwo
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RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their living conditions.
This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.
Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s
She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.
According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.
The Head of Service also said the programme would support the youths to be gainfully employed while bridges and roads will be built to link farms and fishing settlements.
Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.
Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.
According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.
He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.
Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may lead to the cancellation of the project by the World Bank.
During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.
The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.
He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.
Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.
They, however, complained over the incessant attacks by pirates on their waterways.
At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.
King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.
Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.
Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.
At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.
He also expressed fears over the possibility of the project being hijacked by politicians.
Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.
John Bibor
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Senate Replaces Natasha As Committee Chairman

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.
Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.
Bassey is the senator representing Akwa Ibom North-East Senatorial District.
Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.
In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.
However, the Senate has insisted it has not received a certified true copy of the court judgment.
Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.
In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.
Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.
Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.
“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.