BAKU, Azerbaijan, October 14. Global oil demand growth in 2023 is revised down to 2.3 million barrels per day, Trend reports via monthly oil outlook from OPEC.
This outlook reflects the uncertainty that surrounds global economy, as well as factor related to the COVID-19 pandemic.
Thus, total world oil demand in 2023 is expected at 102.02 million barrels per day.
According to OPEC, OECD’s oil demand is expected to increase by 400,000 barrels per day to 46.6 million barrels per day. More specifically, “OECD Americas is expected to climb, with US oil demand above 2019 levels mainly due to the recovery in transportation fuels and light distillate demand”.
Oil demand in the non-OECD is projected to grow by 2 million barrels per day to 55.4 million barrels per day, with China and India is the largest contributors. In addition to this, a recovery in transportation fuels and industrial fuel demand, including petrochemical feedstock will also support the growth, the report noted.
“Regions such as Other Asia, Latin America and the Middle East are also expected to see decent gains, supported by a positive economic outlook in the region. In terms of fuels, gasoline and diesel are assumed to lead oil demand growth next year,” OPEC added.
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