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.
Thus, OPEC has left its forecast for global oil demand for the current year unchanged, compared to the previous forecast.
Accordingly, the bloc expects OECD's demand in 2023 to increase by 0.05 mb/d year-on-year, and non-OECD growth at approximately 2.3 mb/d year-on-year.
"Minor downward adjustments were made to the OECD due to weak performance in the second quarter. Nevertheless, these were offset by minor upward adjustments due to 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," OPEC said.
As the outlook pointed out, the total world oil demand is projected to reach 101.9 mb/d in 2023.
"However, this forecast is subject to many uncertainties, including global economic developments and ongoing geopolitical tensions," the bloc noted.