OPEC confirms forecast for global oil demand

OPEC still expects global oil demand to rise by 2.3 million bpd in 2023, to an average of 101.9 million bpd, Report informs referring to the organization’s monthly report.

Global oil demand growth forecast for 2023 remains virtually unchanged from the previous month’s estimate of 2.3 million barrels per day, reads the document.

Last month, OPEC expected global oil demand at 101.87 million barrels per day. Thus, in March the forecast was slightly raised by 30,000 barrels per day.

The estimate of the indicator in the first quarter increased by 20,000 barrels per day compared to the February estimate, to 101.28 million barrels per day, in the second - by 70,000, to 100.77 million, and in the third - by 150,000, to 102.14 million. However, the forecast for the fourth quarter was reduced - by 120,000 barrels per day, to 103.39 million barrels per day.

A similar estimate for 2022 has been revised down by 30,000 barrels per day, to an average of 99.58 million barrels per day.