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OPEC Keeps 2023 Demand Growth Steady

OIL

OPEC has kept its 2023 global oil-demand growth forecast steady at 2.4m b/d, based on its monthly oil outlook for October.

  • In 2024, the demand forecast remained steady with a projected growth of 2.2m b/d.
  • Demand forecast for OPEC crude in 2023 was revised down by 0.1 mb/d from September’s assessment to 29.1m b/d. up 0.7m b/d on 2022 levels.
  • OPEC crude output increased by 273k b/d in September to 27.75m b/d, OPEC Says, citing secondary sources.
  • OPEC forecasts that non-OPEC oil supply in 2023 will grow by 0.1m b/d to 1.7m b/d. The main driver will come from the US, Brazil, Norway, Kazakhstan, Guyana and China.
  • OPEC has also kept its outlook for non-OPEC supply in 2024 steady at 1.4m b/d.

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