Page 172 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΣΕΠΤΕΜΒΡΙΟΣ 2022

The latest developments on the energy front
ENERGY &

Edited by:
Giannis Theodoropoulos

OPEC REVISES WORLD OIL DEMAND FOR On the other hand, the International Energy
H2 DOWNWARDS – IEA BEGS TO DIFFER Agency (IEA) forecasts that world oil demand will
In August, OPEC lowered its previous estimate for be higher for the remainder of the year. Nonethe-
global oil demand growth in 2022 but still saw less, it expects growth to slow from 5.1 mb/d in
a healthy growth of 3.1 mb/d, partly due to the 1Q22 to a marginal 40 kb/d by 4Q 2022. World
recently observed trend of burning more crude in oil demand is now forecast to rise by 2.1 mb/d in
power generation. 2022 to 99.7 mb/d and by a further 2.1 mb/d next
Total oil demand is expected to average around 100 year, when it will reach 101.8 mb/d, surpassing pre-
mb/d in 2022. The first half of this year was revised Covid levels.
higher amid better-than-anticipated oil demand in
the main OECD consuming countries. ENORMOUS NATURAL GAS DEPOSIT IN THE
However, oil demand in the second half of 2022 CRONOS FIELD OFF CYPRUS
was revised downwards due to ongoing geopo- Italian hydrocarbons company Eni announced that
litical uncertainty and fears of a resurgence of its joint venture with France’s TotalEnergies had
COVID-19 restrictions. For 2023, the global growth discovered a 70 billion cubic metres natural gas
in oil demand forecast remains unchanged at 2.7 deposit included in the drilling license obtained
mb/d, with total demand averaging 102.7 mb/d. Oil by the two companies. The gas deposit, named
demand in OECD countries is expected to grow by Cronos, is 160 kilometres off the coast of Cyprus
0.6 mb/d and in non-OECD countries by 2.1 mb/d. at a depth of 2,287 metres.
Oil demand in 2023 is expected to be driven by Italian daily La Repubblica has reported that this
a still-solid economic performance in major con- is an enormous natural gas deposit -one of the
suming countries, as well as improving geopolitical largest in the world, as it points out - and that it
and COVID-19 conditions in all regions. will take about a year before its exploitation can

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