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OPEC raises forecast for oil demand growth to 2.3 mln bpd in 2023

In the Q1 of 2023, according to the forecast of OPEC, the global demand for oil will grow by 1.9 mln bpd

MOSCOW, February 14. /TASS/. OPEC raised its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) to 2.3 mln bpd, the organization said in its February report. The figure may average 101.9 mln bpd in absolute terms.

OPEC also anticipates oil consumption in China to rise by 800,000 bpd in 2023 as the country eases coronavirus restrictions.

In the Q1 of 2023, according to the forecast of OPEC, the global demand for oil will grow by 1.9 mln bpd (+200,000 bpd in comparison with the previous estimate).

According to the organization, demand in OECD countries will rise by 0.4 mln bpd per day to 46.47 mln bpd in 2023, while demand in non-OECD countries would rise by 2 mln bpd to 55.4 mln bpd day. At the same time, OPEC stressed that the global oil demand estimate is susceptible to many variables, including the global economy, geopolitics, and a possible change in China's coronavirus policy.

Meanwhile, OPEC noted that in December 2022, OECD commercial oil stocks declined by 10 mln barrels to 2.768 bln barrels, which is 117 mln barrels higher than in December 2021 but 158 mln barrels lower than the 2015-2019 average.

OPEC also forecasted 1.4 mln bpd growth in non-OPEC liquid hydrocarbons output in 2023, which is 100,000 bpd below the previous estimate. The volume might be close to 67 mln bpd in absolute terms. According to OPEC, the United States, Norway, Brazil, Canada, Kazakhstan, and Guyana will be the primary drivers of increased oil supply, while Russia and Mexico may reduce production, the report said.

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