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Opec Monthly Report Cuts Demand Outlook

OIL

Opec has cut its global demand growth forecast for this year and 2023 based on a weakening economic outlook.

  • Global oil demand growth is now forecast at 2.64mn bpd this year, 460,000 bpd below last month's projection.
  • Demand growth for next year has been revised down by 360,000 bpd to 2.34mn bpd.
  • Non-Opec growth has been cut by 180,000 bpd this year to 1.93mn bpd. Next years non-Opec growth has been cut by 200,000 bpd to 1.52mn bpd.
  • The deterioration in demand outlook by OPEC is based on weak OECD European demand, China’s extended zero covid policy and general inflationary pressure globally.
  • Opec now sees demand in China dropping by 60,000 b/d this year.
  • Regarding supply, Opec has trimmed its forecast for non-Opec liquids growth to 1.93mn bpd this year, down by 180,000 bpd from the previous report.
  • Opec members increased crude production by 146,000 bpd on the month to 29.77mn bpd in September.

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