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OPEC Rolls Over Oil Demand Growth Forecasts

OIL

OPEC left oil demand growth expectations for this year and next unchanged while raising its 2023 global economic growth forecast in its latest monthly report.

  • OPEC said it expects oil demand to grow by 2.2mn bpd next year – in line with prior estimates.
  • Its 2023 forecast remains steady at 2.5mn bpd.
  • "As 2023 draws to an end, the OPEC Secretariat remains cautiously optimistic about the fundamental factors affecting oil market dynamics in 2024," it said.
  • “Oil demand in OECD countries isn't expected to exceed 2019 levels.” OPEC said.
  • The group cited China as a major driver of demand growth next year along with higher-than-expected growth in the Americas.
  • The report flagged “exaggerated” concerns about oil demand growth following the recent market sell-off despite OPEC+ efforts to try and protect higher prices at its latest meeting.
  • The largely rolled over expectations in this month’s report saw little movement for crude futures.
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