3/14, 1:10 PM (Source: TeleTrader)
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OPEC: World oil demand to grow 2.3M bpd in 2023

The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday in its monthly market report that the 2023 world oil demand will likely grow by a "healthy" 2.3 million barrels per day (bpd) to an average of 101.9 million bpd.

The OPEC revised the demand for its oil in the Americas and Europe slightly lower, while increasing the demand forecast for China, which continues its recovery from COVID-19 lockdowns. OECD demand is set to grow by 0.2 million bpd, while non-OECD is forecast to expand by 2.1 million bpd, the report added.

Demand for OPEC's crude this year was revised down by 0.2 million bpd from the organization's previous assessment to 29.3 million bpd, however remaining above last year's level. On the supply side, the main drivers of liquids supply growth are expected to be the United States, Brazil, Norway and Canada, while the decline is expected primarily in Russia.

Baha Breaking News (BBN) / ND