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OPEC expects steady growth in global demand in 2023
Economical 2023/04/15
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The Organization of Petroleum Exporting Countries (OPEC) expected in its monthly report that global demand will increase in 2023 by 2.3 million barrels per day compared to the previous year, to reach an average of 101.9 million barrels per day.
The organization's monthly report generally confirms last month's forecasts.
OPEC revised expectations of oil demand from countries outside the Organization for Economic Cooperation and Development by a slight increase, as it expected it to rise by 2.2 million barrels per day in 2023 (compared to +2.1 million barrels per day in March), driven mainly by China and India. .
OPEC attributed this slight adjustment to “the better-than-expected improvement in economic activity in China after abandoning the zero Covid policy, as well as the expected additional improvement in the Middle East, Latin America and other European countries” that are not members of the Organization for Economic Cooperation and Development.
On the other hand, expectations of demand from OECD countries have been lowered, and it is now expected to rise by 0.1 million barrels per day (compared to an expectation of an increase of 0.2 million barrels per day in March) on average compared to last year, taking into account, in particular, " An expected decline in economic activity" in the Americas and Europe, members of the Organization for Economic Cooperation and Development.
Despite climate change, the consumption of fossil fuels responsible for greenhouse gas emissions that are harmful to the climate is increasing.
It is expected that the average global demand for oil will reach 101.9 million barrels per day in 2023, which is a record high level despite the uncertain economic prospects, according to OPEC, which revises its forecasts for oil supply and demand every month.
OPEC indicated that “the growth momentum for the second half of 2022 is expected to continue in the first half of 2023,” and the organization estimates that “the global economy will continue to face challenges such as high inflation and high interest rates, especially in the euro area and the United States, and levels of High indebtedness in many areas.
Total global oil demand will average 99.6 million barrels per day in 2022, according to OPEC's latest report, almost unchanged from its last report in mid-March.
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