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OPEC shares forecast on European oil demand growth in 2023

Economy Materials 13 August 2022 14:30 (UTC +04:00)
OPEC shares forecast on European oil demand growth in 2023
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 13. European oil demand growth in 2023 is forecast to average 80,000 barrels per day, after 0.6 million barrels per day in 2022, Trend reports, citing the latest oil market update from OPEC.

“From a moderate growth of 3.2 percent in the fourth quarter of 2022, European GDP is projected to slow down to 1.7 percent in 2023. Furthermore, high inflation combined with high production cost will dampen consumer confidence in the region,” the report said.

According to OPEC, oil demand in Europe in the first quarter of 2023 is projected to increase by a mere 10,000 barrels per day year-on-year.

“Nevertheless, OECD Europe is expected to consume 13.10 million barrels per day in the first quarter of 2023 and will mostly be supported by jet kerosene and petrochemical feedstock requirements for light distillates,” the outlook noted.

As OPEC noted, by the second quarter of the next year, against the backdrop of sustained aviation industry requirements and improved mobility, European oil demand is expected to increase by 50,000 barrels per day year-on-year.

“The demand will be supported by transportation fuel requirements for jet kerosene and gasoline. Furthermore, diesel and petrochemical fuels are also expected to aid the demand growth,” the report added.

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