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OPEC Keep 2023 Oil Demand Outlook Unchanged

OIL

OPEC kept global oil demand growth unchanged for 2023 according to its most recent monthly market report.

  • Global oil demand will grow by 2.2 million bpd in 2023 to reach 101.8 million bpd with some minor upward adjustments due to the expected better performance in China’s economy.
  • Other regions are expected to see slight declines because of recessions.
  • Growth in the OECD is projected at 330,000 bpd to reach 46.52 million bpd, while growth in the non-OECD is expected to climb 1.89 million bpd to 55.25 million bpd.
  • In December, global oil supply increased by around 300,000 bpd month on month, averaging 101.7 million bpd - 3.8 million bpd higher than the previous year.
  • OPEC's crude oil production averaged 28.97 million bpd in December, a month-on-month increase of about 91,000 bpd.
Energy BulletsCommodities
Energy BulletsCommodities

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