BAKU, Azerbaijan, September 12. In 2023, the global oil demand growth is projected to remain stable at 2.4 mb/d, Trend reports.
According to OPEC, this forecast is consistent with the assessment from the previous month.
Thus, the annual average oil demand for the year is expected to reach 102.1 mb/d. Some minor upward adjustments were made to the third quarter of 2023 based on actual July data, but these were counterbalanced by downward revisions in the second half of the year, particularly in the region, which OPEC calls 'Other Asia'.
Within the OECD region, oil demand for 2023 is anticipated to increase by 120,000 b/d, reaching an average of 46.1 mb/d. The most significant regional growth in oil demand within the OECD is expected in the OECD Americas, driven by the US. This growth is attributed to the increasing demand for jet fuel and expanding gasoline requirements. Additionally, the demand for light distillates is projected to contribute to overall demand growth in the current year.
In the non-OECD region, the total oil demand for 2023 is forecasted to rise by approximately 2.3 mb/d, reaching an average of 55.9 mb/d. This growth is driven by a continuous increase in transportation and industrial fuel demand, supported by the recovery of economic activity in China and other non-OECD regions.