OPEC maintains estimates of oil demand growth in 2023 and 2024
18:50 11.08.2023 9606
Oil demand in 2023 will grow by 2.44 million barrels per day by 2022 to 102.01 million bpd, and in 2024 it will increase by another 2.25 million bpd to 104.25 million bpd With. Such forecasts are given in the monthly report of OPEC, reports Interfax. Thus, the organization upheld the forecasts made last month.
At the same time, the estimate of oil demand in Q1 was increased by 50,000 bpd. 2023, by 10 thousand b/d – in the III and IV quarters, the forecast was reduced by 40 thousand b/d in the II quarter.
“In the OECD (Organization for Economic Co-operation and Development) region, oil demand is expected to grow by 74 thousand b/d on average in 2023, to 46 million b/d. At the same time, demand in the OECD countries of the Americas will be the most significant in the region , led by the US, amid a recovery in demand for jet fuel and gasoline.
Light distillates are also forecast to support demand growth this year,” analysts said. Non-OECD oil demand is forecast to rise by almost 2.4 million b/d to 2023.
“In 2024, sustained global economic growth amid continued improvements in China is projected to lead to an increase in oil consumption,” OPEC said.
Out of a total increase of 2.2 Mb/d in 2024, non-OECD countries will also account for the bulk of the increase, at 2 Mb/d.
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