BAKU, Azerbaijan, April 13. Global liquids demand growth in 2023 is expected to stand at 2.3 million barrels per day (mb/d), Trend reports via monthly oil outlook from OPEC.
The forecast has stayed unchanged from the previous month's outlook.
Mainly, in the 1Q2023 global oil demand is forecast at almost 101.55 mb/d, in 2Q2023 - at 100.7 mb/d, in 3Q2023 - 102.03 mb/d, and in 4Q2023 - at 103.27 mb/d.
Thus, total world liquids demand for the whole years is expected at an average 101.89 mb/d.
"There are minor downward adjustments reflecting the latest developments in the OECD region, primarily in OECD Americas and OECD Europe. However, the stronger-than-expected demand seen in non-OECD in January and February necessitated some upward revisions," the report added.
However, as OPEC noted, this outlook is subject to many uncertainties, including the trend and pace of economic activity in both OECD and non-OECD countries.
"Within the OECD regions, oil demand growth was adjusted lower in all four quarters of 2023, to reflect the most recently received data for 1Q23 and account for an anticipated decline in economic activity in OECD Americas and OECD Europe. On the other hand, oil demand in the non-OECD countries was revised higher due to better-than-expected improvements in economic activity in China after its zero-COVID-19 policy was discontinued, as well as expected further improvements in the Middle East, Latin America and Other Europe," the report said.
Thus, non-OECD region's oil demand is expected to increase by 2.2 mb/d, while the OECD is anticipated to grow only slightly to above 0.1 mb/d year-on-year.