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OPEC Raised 2023 Oil Demand Growth to 2.5mbpd

OIL

OPEC has raised its 2023 oil demand growth forecast by 100kbpd to 2.5mbpd, stating that the outlook is positive despite exaggerated negative sentiment according to the OPEC Monthly Oil Market Report (MOMR).

  • “Recent data confirms robust major global growth trends and healthy oil market fundamentals,” it said.
  • Global oil demand is forecast to grow by 2.2mbpd to 104.4mbpd in 2024, unchanged from last month’s projections.
  • The global supply demand balance during 3Q23 showed a deficit of 1.02mbpd in 3Q23, after a deficit of 0.10mbpd in 2Q23 and a surplus of 0.42mbpd in 1Q23.
  • OPEC crude oil output rose by 80kbpd in October to 27.9mbpd, citing secondary sources. Iranian crude oil output last month increased by 46kbpd to 3.12mbpd.
  • Non-OPEC supply growth for this year has been revised up by 100kbpd to 1.8mbpd, supported y supply from the US, Brazil, Kazakhstan, Norway, Guyana, Mexico and China. Non-OPEC supply is forecast to grow by 1.4mbpd in 2024.
  • October refinery margins remained strong but declined slightly, continuing trends from September. Global refinery intake decreased by 1.4mbpd on the month to 80.1mbpd. Intakes remained 2.2mbpd above 2022 levels. Refinery intakes are projected to recover in the coming months, as autumn maintenance season concluded.
Energy BulletsCommodities
Energy BulletsCommodities

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