In detail, demand “was adjusted upwards” in the third quarter “in a context of transport fuel consumption better than expected in the OECD”, indicates the Organization.
OPEC maintained its forecast for oil demand growth for 2022 and 2023, despite slowing activity in China, in a monthly report published on Tuesday.
The global oil demand growth forecast for 2022 “remains unchanged at 2.5 million barrels per day” (mb/d), OPEC said in its December report.
In detail, demand “was adjusted upwards” in the third quarter “in a context of transport fuel consumption better than expected in the OECD”, indicates OPEC.
But this upward revision is “offset by a revised downward estimate” for the fourth quarter, “due to a slowdown in non-OECD countries in a context of reduced mobility and a slowdown in industrial activity in China. “, adds OPEC.
Global demand is also revised downwards for the first quarter of 2023.
Despite this, for next year as a whole, growth in world oil demand remains unchanged at 2.2 mb/d, with growth of 0.3 mb/d for OECD countries and a non-OECD growth forecast at 1.9 mb/d, says OPEC.
She stresses, however, that “this forecast is subject to many uncertainties”, both with regard to global economic developments, the containment measures linked to Covid-19 mainly in China and the ongoing geopolitical tensions.
The OPEC countries reduced their production in November by 744,000 barrels per day compared to October, to reach a total of 28.8 million barrels per day, according to indirect sources cited Tuesday by the cartel.
Production fell mainly in Saudi Arabia (-404,000 barrels) and the Emirates.
