9/12, 2:15 PM (Source: TeleTrader)
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OPEC's global oil demand forecast unchanged

The Organization of the Petroleum Exporting Countries (OPEC) revealed in its September report published on Tuesday that the group's estimate for the global oil demand growth in 2023 and 2024 remained unchanged compared to the previous calculation at 2.4 million barrels per day (bpd) and 2.2 million bpd year-on-year, respectively.

The document noted that the figure came from the combination of upward revisions noted in China, the United States, and the Organization for Economic Co-operation and Development (OECD) Europe and a downward one in the Other Asia region.

The demand was forecast to grow by 100,000 bpd in the OECD zone and 2.3 million bpd in the non-OECD region in 2023. In 2024, the OECD was predicted to observe an increase of 300,000 bpd, led by OECD Americas, and the non-OECD by 2.0 million bpd, with the sharpest rises to be seen in China, India, the Middle East, and Other Asia.

Baha Breaking News (BBN) / JR