OPEC expects global oil demand to rise in 2023

OPEC again maintains its forecast for global oil demand growth in 2023, forecasting an increase of 2.4 million barrels to 102.1 million barrels per day, Report informs referring to the monthly OPEC report.

In the OECD (Organization for Economic Co-operation and Development) region, oil demand in 2023 is expected to increase by 89,000 barrels per day, to an average of 45.8 million barrels per day. In the non-OECD region, total oil demand is also expected to rise by about 2.3 million barrels per day, to an average of 56.3 million barrels per day in 2023.

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 will increase by 0.26 million barrels per day, as expected a month earlier. In non-OECD countries, oil demand growth in 2024 is projected to be almost 2 million barrels per day, in line with previous estimates. The largest growth is expected to occur in China and the Middle East, as well as India and other Asian countries.