MOSCOW, March 14 — OPEC has upgraded its forecast for the global oil demand growth in 2023 by 30,000 barrels per day to 2.3 million barrels per day, according to its fresh report published on Tuesday as reported by Sputnik.
“Following estimated growth of 2.5 mb/d y-oy in 2022, oil demand is forecast to grow by a healthy 2.3 mb/d y-o-y in 2023 to average at 101.9 mb/d … While the OECD is projected to fall slightly short of pre-Covid-19 levels in 2023, oil demand in the non-OECD region is estimated to have surpassed 2019 levels already in 2022,” the report read.
OPEC has also upgraded its forecast for oil production for 2023 outside the organisation by 190,000 barrels per day to 67.2 million barrels per day, according to the report.
“Non-OPEC liquids production growth in 2023 is forecast to grow by 1.4 mb/d to average 67.2 mb/d, remained unchanged from last month, where higher output projections for Russia (considering production levels in 1Q23, which came stronger than anticipated, and maintaining last month’s assumption for remaining months of the year) offsets the projected declines in other regions,” the report read.
— Bernama
