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Global Oil Demand Growth Expected to Slow Next Year

OIL

World oil demand growth will slow in 2023 according to OPEC delegates and industry sources talking with Reuters as surging crude and fuel prices help drive inflation and act as a drag on the local economy.

  • An OPEC delegate and another source familiar with OPEC thinking said they expected world demand growth of 2 million barrels per day (bpd) or less in 2023, a rise of just 2%, compared with growth of 3.36 million bpd expected in 2022.
  • OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 12, an OPEC source said.
  • OPEC originally forecast demand growth in 2022 of 3.28 million bpd, in its first forecast published in July 2021, later raising it up to more than 4 million bpd before cutting it to 3.36 million bpd.
Energy BulletsCommodities
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