OPEC keeps oil demand growth projection unchanged at 2.4 million b/d in 2023
The Vienna-headquartered group has kept its global oil demand outlook for 2023 and 2024 unchanged from its previous month’s projections.
PHOTO: Flags of OPEC member countries. Getty Images
In its flagship monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) said that it sees global oil demand to grow by 2.2 million b/d in 2024.
Total world oil demand is projected to average 102.1 million b/d in 2023 and increase to average 104.3 million b/d in 2024, according to the group.
In 2023, oil demand in the OECD region is projected to rise by 100,000 b/d, with OECD Americas contributing the largest increase. While in the non-OECD region, oil demand is expected to grow by 2.3 million b/d, OPEC said. “The non-OECD is set to drive growth, increasing by about 2.0 mb/d [ 2 million b/d], with China, India, the Middle East, and Other Asia contributing the most,” the group said.
Meanwhile, the oil-producers body has cut its demand forecast for OPEC crude in 2023 by 100,000 b/d from the previous month’s assessment to 29.2 million b/d. Demand for OPEC crude is expected to reach 30 million b/d in 2024, a decrease of 100,000 b/d from the previous month’s assessment, the group said.
Demand growth in non-OECD countries will continue to drive global oil demand in 2023 and 2024, OPEC noted in the report.
Supply projections:
OPEC expects the non-OPEC liquid fuels supply to grow by 1.6 million b/d in 2023, an increase of 100,000 b/d from the previous assessment.
“Main drivers of liquids supply growth for 2023 include the US, Brazil, Norway, Kazakhstan, Guyana, and China while largest declines are anticipated in Mexico and Malaysia,” the group said.
For 2024, non-OPEC liquid fuel production is expected to increase by 1.4 million b/d, unchanged from the previous month’s assessment.
The core 13 OPEC member countries produced 27.45 million b/d of crude oil in August, an increase of 113,000 b/d from the previous month.
By Aparupa Mazumder
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