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OPEC Keeps 2022, 2023 Oil Demand Forecast Unchanged

OIL

OPEC keeps the forecast for 2022 and 2023 global oil demand growth unchanged, according to the Monthly Oil Market Report.

  • The world oil demand forecast for 2022 remains unchanged at 2.5 mb/d, after being adjusted higher in 3Q22. For 2023, world oil demand growth also remains unchanged at 2.2 mb/d, with the OECD growing by 0.3 mb/d and non-OECD growth forecast at 1.9 mb/d.
  • This forecast is subject to many uncertainties including global economic developments, COVID-19 containment measures mainly in China and ongoing geopolitical tensions.
  • Non-OPEC liquids supply is forecast to grow by 1.9 mb/d for 2022, broadly unchanged from last month’s assessment. For 2023, the forecast for non-OPEC liquids supply growth remains broadly unchanged at 1.5 mb/d.
  • November oil output fell to by 744kbpd to 28.83mbpd.
Energy BulletsCommodities
Energy BulletsCommodities

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