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OPEC maintains forecast for global oil demand growth in 2023-2024 — report

OPEC believes that next year the growth of the global economy and the continued improvement of the situation in the Chinese economy will support an increase in oil demand

MOSCOW, August 10. /TASS/. OPEC expects global oil demand to grow by 2.4 million barrels per day (bpd) in 2023 and by 2.2 million bpd in 2024, according to the organization’s August report. That means that OPEC kept the estimate presented in the previous forecast unchanged.

In absolute terms, the volumes could reach 102 mln bpd in 2023 and about 104.3 mln bpd in 2024. OPEC believes that next year the growth of the global economy and the continued improvement of the situation in the Chinese economy will support an increase in oil demand.

OPEC also raised its forecast for the growth of oil supplies from non-OPEC countries in 2023 by 0.1 million bpd. In absolute terms, in 2023, this figure may reach 67.3 million bpd.

The forecast for 2024 remained unchanged - OPEC expects that the supply from non-OPEC countries will increase by 1.4 million bpd to 68.7 million bpd. According to OPEC, the main drivers of oil supply growth next year will be the United States, Canada, Guyana, Brazil, Norway and Kazakhstan, while the largest decline in production is expected in Mexico and Azerbaijan.

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Paris grants Netanyahu immunity for Lebanon ceasefire role, French magazine says

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FACTBOX: What to know about attacks of militants on Syria’s government forces

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