BAKU, Azerbaijan, May 12. 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.
As such, in the 1Q2023 global oil demand is forecast at almost 101.58 mb/d, in 2Q2023 - at 100.7 mb/d, in 3Q2023 - 102.03 mb/d, and in 4Q2023 - at 103.25 mb/d.
"Minor upward adjustments were made due to the better-than-expected performance in China’s economy, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand," the report said.
Mainly, in 1Q2023, oil demand is expected to rise by 2.13 mb/d year-on-year. However, as OPEC noted, this forecast is subjected to many uncertainties, due to global economic developments and ongoing geopolitical tensions.
Thus, total world liquids demand for the whole years is expected at an average 101.9 mb/d.
At the same time, according to OPEC, total world oil demand in 2022 is expected to average 99.6 mb/d.
"Most of the downward adjustment in oil demand occurred in 4Q22, amid a slight slowdown in OECD countries towards the end of the year. This was almost entirely offset by an upward revision to oil demand growth in non-OECD countries, due to improvements in economic activity in some countries," the report added.