RIYADH: The global oil demand is expected to increase over the third quarter to approximately 100.6 million barrels per day, according to a report on petroleum developments in global markets issued by the Organization of Arab Petroleum Exporting Countries.

This is in line with expectations that the Organisation for Economic Co-operation and Development group’s demand would rise to about 47 million bpd, and the rest of the world’s demand would rise to about 53.6 million bpd.

This is also despite the fact that preliminary estimates indicate global oil demand fell to about 98.3 million bpd during the second quarter, down by 1 percent from the same period last year.

The report also revealed that OECD demand fell 0.7 percent during the second quarter to about 45.5 million bpd, whereas the remainder of the world’s demand fell 1.2 percent to about 52.8 million bpd.

The monthly average price of OPEC crude oil fell to $108.32 per barrel in July 2022, about 8 percent below the previous month.

OPEC has projected that in 2022 the common annual value of a basket of crude oil will rise to $105.71, an increase of 51.3 percent over the previous year.

The report indicated that the common value of an OPEC crude oil basket reached $117.7 per barrel in June 2022, up 3.3 percent compared with May 2022.

This is primarily due to strong fundamentals in the oil market, high refiner demand, high profit margins, as well as supply disruptions in several key production areas, such as Libya and Ecuador.