OPEC expects global oil demand to rise in 2023

OPEC maintains its forecast for global oil demand growth in 2023, forecasting an increase of 2.4 million barrels per day to 102 million barrels per day, Report informs referring to the monthly OPEC report.

In the OECD (Organization for Economic Cooperation and Development) region, oil demand in 2023 is expected to increase by 120,000 barrels per day, to an average of 46.1 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 55.9 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 increase by 2.2 million barrels per day year on year.

In OECD countries, oil demand is expected to increase by 0.26 million barrels per day.

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 greatest growth will be observed in China and India.