OPEC retains forecast for global oil demand growth in 2023

OPEC predicts an increase in global oil demand by 2.4 million barrels, to 102 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 is expected to grow by 74,000 barrels per day in 2023, to an average of 46 million barrels per day. In the non-OECD region, total oil demand will increase by almost 2.4 million bpd, averaging 56 million bpd.

In 2024, OPEC forecasts an increase in global oil demand by 2.2 million barrels per day, which is in line with the previous estimate. In the OECD region, demand is expected to increase by about 0.3 million barrels per day. The largest increase will be observed in the countries of North and South America.

Demand in non-OECD countries may rise by about 2 million barrels per day, with the largest gains coming from China, the Middle East and other Asian countries, with further support for India, Latin America and Africa.