2023-12-13 16:36:02
OPEC kept its expectations for global oil demand during 2023 and 2024 unchanged, and indicated that the economic recovery in China is a major driver of demand.
The Organization of the Petroleum Exporting Countries said, in its monthly report, that it maintained its expectations for demand for crude oil during 2023 at 2.5 million barrels per day.
Also, the organization indicated that global demand for oil is expected to grow by 2.2 million barrels per day in 2024.
OPEC added that the demand for oil in the countries of the Organization for Economic Cooperation and Development during the year 2024 is not expected to exceed its previous levels in 2019, noting that the demand for oil in these countries is expected to increase in 2023 by 70 thousand barrels per day to reach Average 45.82 million barrels per day.
The organization also raised its estimate for global economic growth for the year 2023 to 2.9 percent, compared to its previous forecast of 2.8 percent.
Regarding oil production in Russia, the organization reported that crude oil production in Russia in October 2023 was at the level of September 2023, and reached 9.5 million barrels per day.
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