OPEC maintains forecast for global oil demand growth in 2023 and 2024
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Global oil demand in 2023 will increase by 2.4 million barrels per day (b/d) and in total will average 102.1 million b/d; in 2024, global oil demand will increase by 2.2 million b/d from, to 104.3 million b/d, follows from the September report (.pdf) Organization of Petroleum Exporting Countries (OPEC). Thus, OPEC’s estimates for 2023 and 2024 have not changed since the August report.
The organization expects oil demand in 2024 to support robust global growth and an improving economic situation in China.
In its September forecast, OPEC raised its estimate for growth in liquid hydrocarbon production in non-OPEC countries to 1.6 million bpd in 2023. In absolute terms, production could reach 67.4 million bpd. At the same time, the organization has not changed the forecast for world oil production for 2024 – OPEC expects production to increase by 1.4 million bpd, to 68.8 million bpd. The main drivers of oil supply growth in 2024 are the USA, Canada, Guyana, Brazil, Norway and Kazakhstan, as follows from the report.
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