OPEC Keeps Its Forecast of World Oil Demand Growth Unchanged for 2023

The Organization of Petroleum Exporting Countries (OPEC) kept its forecast of global oil demand growth unchanged for 2023.

According to OPEC's most recent monthly oil market report on Tuesday, oil demand will increase by 2.32 million barrels per day (bpd) in 2023 to reach 101.9 million bpd.

Growth in the OECD is projected at 230,000 bpd to reach 46.23 million bpd, while growth in non-OECD countries is expected to climb 2.09 million bpd to 55.67 million bpd.

'Global oil demand growth is adjusted lower in the first and second quarters of 2023 to account for an anticipated decline in the OECD region, due to an expected slowdown in economic activity in OECD Americas and OECD Europe,' the report said.

On the other hand, the oil demand in non-OECD countries is revised higher due to improvements in economic activity in China after the zero-COVID-19 policy was discontinued, as well as expected improvements in Russian oil demand.

However, OPEC warned that 'this forecast is subject to many uncertainties, including the trend and pace of global economic activity and ongoing geopolitical developments.'

- Global oil supply increases in February

Global oil supply in February increased by around 600,000 bpd month over month, averaging 101.9 million bpd. This marks a 2.8 million bpd increase over the previous year.

OPEC's crude oil production averaged 28.92 million bpd in February, a month-on-month increase of 117,000 bpd. During this period, crude oil production in OPEC increased the most in Nigeria and Saudi Arabia, while production in Angola and Iraq declined.

The share of OPEC crude oil out of total global production decreased by 0.1 percentage points to 28.4% in February compared to the previous month.

(Anadolu Agency, March 14, 2023)

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