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OPEC maintains forecast for oil demand growth in 2023 at 2.3 mln bpd

In absolute terms, oil demand can average 101.9 million bpd in 2023

MOSCOW, March 14. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) expects that global oil demand growth can reach 2.3 million barrels per day (bpd) in 2023, according to the organization’s March report.

Thus, the indicator remained unchanged compared to the previous assessment. In absolute terms, oil demand can average 101.9 million bpd in 2023.

"However, the forecast remains subject to high levels of uncertainty amid the ongoing geopolitical tensions and the global economic environment," OPEC emphasizes.

The organization also maintained its non-OPEC liquid hydrocarbons production growth forecast in 2023 at 1.4 million bpd. In absolute terms, the figure may reach 67.2 million bpd.

"The main drivers of liquids supply growth for 2022 are seen to be the US, Russia, Canada, Guyana, China and Brazil, while the largest declines are expected from Norway and Thailand," the report says.

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