OPEC improves forecast for global oil demand in 2023

OPEC has slightly improved its forecast for the growth of global oil demand in 2023. An increase of 2.3 million barrels per day is expected, to 101.87 million barrels per day. The estimate for 2022 remained at 2.5 million barrels per day, Report informs referring to the organization’s February report.

Global oil demand growth forecast for 2022 remains unchanged compared to last month’s estimate at 2.5 million bpd. In 2023, global oil demand growth forecast has been slightly raised, by 0.1 million bpd, to 2.3 million barrels per day, reads the report.

In 2023, according to OPEC forecasts, growth in OECD countries will be 0.4 million barrels per day, while non-OECD countries are projected to see growth by 2 million barrels per day.