March 14, 2023 12:27 GMT
OPEC 2023 Oil Demand Growth Remains Unchanged at 2.3mbpd
OPEC’s oil demand growth forecast for this year remains unchanged on the month at 2.3mbpd, as lower OECD demand is offset by an increase in Chinese demand.
- OECD oil demand is expected to grow by 0.2mbpd and non-OECD demand is forecast to grow by 2.1mbpd
- Demand for OPEC crude in 2023 is revised down by 0.2mbpd from the previous assessment to stand at 29.3mbpd. This is around 0.8mbpd higher than in 2022.
- On the supply side, OPEC-13 crude oil production in February increased by 117kbpd m-o-m to average 28.92mbpd according to available secondary sources.
- Global refinery processing rates continued to decline in February, losing nearly 646kbpd according to preliminary estimates.
- Non-OPEC liquids production growths is forecast to grow by 1.4mbpd, unchanged from last month.
- The main drivers of liquids supply growth are expected to be the US, Brazil, Norway, Canada, Kazakhstan and Guyana, while the decline is expected primarily in Russia.
- Large uncertainties remain over the impact of ongoing geopolitical developments, as well as the output potential for US shale in 2023.