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OPEC Raises Oil Demand Growth by 0.1mb/d For 2023

OIL

OPEC has revised up its global oil demand growth forecast for this year to 2.4 mb/d, up by 0.1 mb/d compared with last month’s forecast, to a total of 102 mb/d amid higher oil demand from China during the second quarter according to OPEC’s Monthly Oil Market Report.

  • For 2024, world oil demand is forecast to grow by 2.2 mb/d, reaching around 104.25 mb/d.
  • On the supply side, non-OPEC liquids output is expected to expand by 1.4 mb/d in 2023, broadly unchanged from the previous month’s assessment.
  • For 2024, non-OPEC liquids production is expected to grow by 1.4 mb/d. The main drivers for liquids supply growth are expected to be the US, Canada, Guyana, Brazil, Norway and Kazakhstan, while the largest declines are expected in Mexico and Azerbaijan.
  • OPEC NGLs and non-conventional liquids are forecast to grow by 50 tb/d in 2023 to an average of 5.44 mb/d and by another 65 tb/d to an average of 5.51 mb/d in 2024.
  • OPEC-13 crude oil production in June increased by 91 tb/d on the month to an average 28.19 mb/d, according to available secondary sources.
  • World economic growth in 2023 remains broadly unchanged at 2.6% and the initial forecast for 2024 economic growth is expected at 2.5%. China’s and India’s economic growth remains unchanged for this year.

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