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10/12/2023, 1:15 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 October report published on Thursday that the group's estimate for the global oil demand growth in 2023 remained unchanged compared to the previous calculation at 2.4 million barrels per day (bpd) while for 2024 is expected to increase 2.2 million bpd year-on-year.

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 89,000 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 0.26 million bpd.

Baha Breaking News (BBN) / AC