2023-05-11 13:36:53
The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for growth in global oil demand, estimating that it will average 101.9 million barrels per day in 2023, an increase still driven by countries not -members of the OECD, according to the cartel’s latest monthly report published on Thursday.
For the current year, forecasts for oil demand growth remain virtually “unchanged”, compared to its last assessment in April, an increase of 2.3 million barrels per day compared to 2022.
Growth in demand is still mainly driven by non-OECD countries (+4.21% compared to 2022), with China in the lead (+5.42%) followed by India (+ 4.89%) while in the OECD countries (Americas, Europe and Asia-Pacific), it barely increased by 0.15%.
However, underlines, OPEC, “these forecasts are subject to many uncertainties, in particular the evolution of the world economy and the persistent geopolitical tensions”.
“The global economy continues to face challenges, including high inflation, higher interest rates in the United States and the eurozone, and high debt levels in many regions,” comments the OPEC, which revises its forecasts every month.
“Given the uncertainties ahead, OPEC member countries and countries participating in the Statement of Cooperation (DoC) will continue to closely monitor market developments during the remainder of the year, in order to help preserve a stable and balanced market for the benefit of consumers and producers,” said OPEC, which brings together 13 producing countries, and accounted for 28.2% of global crude oil production last April.
Oil prices have fallen in recent months, to the point that the cartel of producing countries OPEC +, counting a total of 23 countries, recently intervened by reducing its production in an attempt to support them.
Production of liquid petroleum products in non-OPEC countries is expected to grow by 1.4 million barrels per day compared to 2022, mainly fueled by countries such as the United States, Brazil, Norway or Kazakhstan while “decreases are expected mainly in Russia”.
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