OPEC maintains expectations of global oil demand growth in 2023

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On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) maintained expectations for global oil demand growth in 2023 at 2.4 million barrels per day, unchanged from the previous month’s estimates.

OPEC said in its monthly report on Thursday that it maintained expectations of growth in oil demand for the current year at 102.01 million barrels per day, an increase of 2.4 million barrels per day from 2022.

The agency estimated that global demand would increase to 101.96 million barrels per day in the third quarter, and then to 103.21 million barrels per day in the last quarter of the year.

According to the report, global economic growth was revised up slightly in both 2023 and 2024, to stand at 2.7 percent and 2.6 percent, respectively.

The report expected an increase in non-OPEC crude oil supplies by 1.5 million barrels per day in 2023, which is a slight upward adjustment from the previous one, and the United States, Brazil and Norway will be the main drivers of this growth.

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It pointed to a reduction in the estimates of demand for OPEC oil in 2023 and 2024 by about 100,000 barrels per day, compared to previous estimates.

The report estimated that the demand for OPEC oil would reach 29.3 million barrels per day in 2023, and then reach 30.1 million barrels per day in 2024.

The production of OPEC members (13 members) decreased by 836 thousand barrels per day on a monthly basis last July to reach 27.310 million barrels per day from 28.146 million in the previous month.

The decrease in OPEC production came amid the decrease in the production of 4 countries, led by Saudi Arabia, which recorded a record cut by 968 thousand barrels per day last month to 9.021 million barrels per day, which is a voluntary cut announced in advance.

On the other hand, 9 countries increased their production last month, led by Iran, which increased its oil production by 68 thousand barrels per day.