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OPEC Keeps World Oil Demand Steady For 2023, 2024

OIL

OPEC has kept its world oil demand growth forecast steady at 2.4m b/d for this year and at 2.2m b/d for 2024, in line with last month’s forecast, according to OPEC’s Monthly Oil Market Report.

  • Non-OPEC liquid supply growth has been revised upwards slightly from July by 100k b/d to 1.5m b/d, with the main drivers coming from the US, Brazil, Norway, Kazakhstan, Guyana and China, offsetting declines from Russia.
  • For 2024, non-OPEC production is forecast to grow by 1.4m b/d, unchanged on July’s assessment.
  • OPEC NGLs and non-conventional liquids are forecast to grow by 46k b/d in 2023 to an average of 5.4 mb/d and by another 65k b/d to an average of 5.5 mb/d in 2024. This is down marginally from 5.44 mb/d average expected in July.
  • OPEC-13 crude oil production decreased by 836k b/d month on month in July to an average of 27.31 mb/d, according to available secondary sources. Saudi Arabian output declined by 968k b/d last month.
  • World economic growth is revised up slightly for both 2023 and 2024 to stand at 2.7% and 2.6%, respectively. China’s GDP growth remains at 5.2% in 2023 and 4.8% in 2024. India’s GDP growth remains at 5.6% for 2023 and 5.9% for 2024.
Energy BulletsCommodities
Energy BulletsCommodities

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