BAKU, Azerbaijan, February 14. Outlook for global oil demand growth has been slightly upgraded by 0.1 million barrels per day (mb/d), compared to the last month's assessment, and now stands at 2.3 mb/d, Trend reports via monthly oil outlook from OPEC.
Mainly, in the 1Q2023 global oil demand is forecast at almost 101.3 mb/d, in 2Q2023 - at 100.7 mb/d, in 3Q2023 - 101.9 mb/d, and in 4Q2023 - at 103.5 mb/d. Thus, total world liquids demand for the whole years is expected at an average 101.9 mb/d.
According to the forecast, oil demand in OECD countries is projected to increase by about 0.4 mb/d, and in non-OECD countries - by over 2 mb/d.
In 1Q23 and 2Q23, the OECD Asia-Pacific region made minor upward adjustments to reflect the expected positive impact of the opening of the Chinese economy to the petrochemical sector in the region.
In non-OECD countries, modest upward changes were made to accommodate the acceleration of oil demand growth in China against the backdrop of the country’s stronger economic performance following the removal of COVID-19 restrictions.
Although, as OPEC noted, this outlook is accompanied by some uncertainties, including global economic activity, a possible shift in China’s COVID-19 policy, and current geopolitical developments.