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OPEC leaves outlook on global oil demand growth for 2023 unchanged for third month

OPEC also maintained its outlook on growth of oil supply from non-OPEC countries in 2023 at 1.4 mln barrels per day for the third month in a row. In absolute terms it may stand at 67.2 mln barrels per day

MOSCOW, May 11. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) projects that the global oil demand growth in 2023 may total 2.3 mln barrels per day, according to its May report released on Thursday. That means the outlook remained unchanged for the third consecutive month.

In absolute terms oil demand may average 101.9 mln barrels per day this year. Meanwhile, the increase in oil demand will total 0.07 mln barrels per day in OECD countries and 2.3 mln barrels per day in non-OECD nations.

OPEC also maintained its outlook on growth of oil supply from non-OPEC countries in 2023 at 1.4 mln barrels per day for the third month in a row. In absolute terms it may stand at 67.2 mln barrels per day.

The organization expects the US, Brazil, Norway, Canada, Kazakhstan and Guyana to be the main drivers of supply growth, whereas output is expected to decrease first of all in Russia.

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