OPEC raises its estimate for oil demand growth in 2023

OPEC has raised its forecast for oil consumption growth in 2023 to 102.1 million barrels per day (an increase of 2.5 million b/d), Report informs referring to Interfax citing the organization’s monthly report.

The growth in global oil demand in the fourth quarter turned out to be better than expected (by 150,000 barrels per day), so OPEC revised the forecast upward. The estimate of demand growth in 2024 was maintained at 2.25 million b/d to 104.36 million b/d.

Demand for oil in the fourth quarter was higher in countries outside the OECD.

The slight downward revision of OECD data for the first three quarters of the year was more than offset by upward revision of OECD data for non-OECD regions. Oil demand in the OECD region is expected to increase by 82,000 b/d in 2023 from to 45.8 million b/d, and demand in non-OECD countries will increase by 2.4 million b/d to 56.3 million b/d, analysts note.

OPEC expects strong growth in oil prices in American OECD countries amid growing demand for kerosene and gasoline.