Free Trial

OPEC Raise Demand Outlook by 100,000 bpd to 101.87mn b/d

OIL

OPEC has raised its 2023 global oil demand growth forecast by 100,000 b/d, with a resurgence in Chinese demand cited as the key driver.

  • The group has revised down its projection for non-OPEC supply growth by the same amount because of weaker production outlooks for Russia and the US.
  • World oil demand is now forecast to grow by 2.32mn b/d to 101.87mn b/d this year, compared to last month’s report of a 2.22mn b/d increase to 101.77mn b/d.
  • Chinese demand growth is now seen at 590,000 b/d in 2023, up by 80,000 b/d compared to the previous report.
  • OPEC now sees Russian liquids output falling by 900,000 b/d to 10.13mn b/d this year. This compares with a decline of 850,000 b/d to 10.18mn b/d in the previous report.
  • OPEC places its own members' crude production at 29.4mn b/d this year, up by around 200,000 b/d on last month.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.