BAKU, Azerbaijan, November 14. Global oil demand growth forecast for 2023 has been revised down by around 0.1 million barrels per day (mb/d) and is expected to stand at 2.2 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the forecast, the total world oil consumption next year now stands at 101.8 mb/d (99.6 mb/d in 2022).
In terms of fuels, gasoline and diesel are expected to lead oil demand growth in 2023.
“The OECD is projected to grow by 0.3 mb/d to 46.5 mb/d. OECD Americas is expected to climb firmly, with US oil demand, is expected to rise above 2019 levels mainly due to the recovery in transportation fuels and light distillate demand,” the report said.
However, as OPEC noted, the demand in the OECD Europe and Asia Pacific is not projected to increase above 2019 levels.
“In the non-OECD, oil demand is expected to rise by 1.9 mb/d to 55.4 mb/d, with the largest growth seen in China and India, supported by a recovery in transportation fuels and firm industrial fuel demand, including petrochemical feedstock. Regions such as Other Asia, Latin America and the Middle East are also expected to see decent gains, supported by a positive economic outlook,” OPEC added.
---
Follow the author on Twitter: @mariiiakhm