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OPEC Crude Oil Output In March Fell To 28.8mbpd

OIL

OPEC-13 crude oil production March declined by 86kbpd to 28.8mbpd according to OPEC’s Monthly Oil Market Report.

  • World oil demand is estimated to have grown by 2.1mbpd year on year in the first quarter of this year, given a rebound in Chinese oil demand.
  • Global oil demand is forecast to grow by around 2.4mbpd in 2Q23, by 2.5mbpd in 3Q23 and 2.3mbpd in 4Q23.
  • Overall oil demand this year is expected to average 101.9mbpd, unchanged from last month’s report.
  • Oil demand in the OECD is forecast to increase by 0.1mbpd this year, and the non-OECD is forecasts to grow by 2.2mbpd.
  • Global refinery processing rates fell further in March, losing around 259kbpd. Refinery intakes are expected to remain under pressure in the coming month on strong offline capacity, which is forecast to peak in the coming month. Some 2.1mbpd of refining capacity has been offline in February and around 400kbpd in March.
Energy BulletsCommodities
Energy BulletsCommodities

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