OPEC expects increase in global oil demand in 2023

OPEC maintains its estimate for global oil demand growth in 2023, predicting an increase of 2.46 million barrels per day, to 102.11 million barrels per day, Report informs referring to the monthly OPEC report.

The estimate for global oil demand growth in 2023 remains unchanged from last month’s forecast - growth remains at 2.5 million barrels per day. Total global oil demand is expected to be 102.1 million barrels per day in 2023 year mainly due to the needs of non-OECD countries, the report says.

In OECD (Organization for Economic Co-operation and Development) countries, oil demand in 2023 is expected to increase by 70,000 barrels per day, to an average of 45.82 million barrels per day. In non-OECD countries, total oil demand will increase by about 2.39 million barrels per day, to an average of 56.29 million barrels.

OPEC expects robust global economic growth in 2024, supported by continued improvements in China, to lead to further growth in oil consumption. Global oil demand is expected to rise by 2.2 million barrels per day year on year, to an average of 104.3 million barrels of oil per day.

According to the forecast, in OECD countries, oil demand in 2024 will increase by 0.26 million barrels per day, as expected a month earlier. In non-OECD countries, growth is projected to be almost 2 million barrels per day, which is also in line with the previous estimate.

The biggest growth is expected in China and the Middle East, as well as India, Latin America and other Asian countries.