The Organization of the Petroleum Exporting Countries (OPEC) maintained its previous forecast for global oil demand growth in 2023. In this respect reported on the organization’s website.
According to cartel estimates, it will increase from 2.5 million barrels per day to an average of 102.1 million barrels per day. According to OPEC forecast, the main increase will be provided by countries outside the Organization for Economic Co-operation and Development (OECD). Total demand will increase by approximately 2.4 million barrels per day, while in OECD countries it will increase by only 70 thousand barrels.
OPEC expects a further increase in global oil consumption in 2024, driven by strong global economic growth and the recovery in China. The projected increase will increase from 2.2 million barrels per day to an average of 104.3 million barrels per day.
The real growth in oil consumption will be provided by China, Middle Eastern countries, India, Latin America and non-OECD Asian countries. The expected increase in OECD countries is small; only 0.26 million barrels per day.
previously economist appreciated Russia’s expectations amid OPEC+ oil production cuts.
Previously Fitch analysts revised Forecasts for oil prices are on the rise.