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OPEC maintains outlook for global oil demand growth in 2023, 2024

In absolute terms, the figures could reach 102.1 million bpd in 2023 and about 104.3 million bpd in 2024

MOSCOW, September 12. /TASS/. OPEC forecasts that global oil demand will rise by 2.4 million barrels per day (bpd) in 2023 and by 2.2 million bpd in 2024, the organization’s September report says. That means that OPEC has not changed its assessment for the second month in a row.

In absolute terms, the figures could reach 102.1 million bpd in 2023 and about 104.3 million bpd in 2024. Next year, OPEC expects that strong global economic growth and continued improvement in China's economy will support oil demand.

OPEC raised its forecast for the growth of oil supplies from countries outside the organization in 2023 by 100 thousand bpd to 1.6 million bpd. In absolute terms, in 2023 the figure could reach 67.4 million bpd. The forecast for 2024 remained the same - OPEC expects that supply from non-OPEC countries will increase by 1.4 million bpd to 68.8 million bpd.

According to OPEC, next year, 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 Malaysia.

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