BAKU, Azerbaijan, March 22. The demand for OPEC crude oil in 2023 has been revised down by 0.2 million barrels per day (mb/d), compared to the last month's forecast, to stand at 29.3 mb/d, Trend reports via monthly oil outlook from OPEC.
At the same time, this is around 0.8 mb/d higher than in 2022.
"Compared with the previous assessment, 1Q23 and 4Q23 were revised down by 0.3 mb/d each, while 3Q23 was revised down by 0.1 mb/d. Meanwhile, demand for OPEC crude in 2Q23 remained unchanged from the previous month," the report said.
Meanwhile, as OPEC outlook noted, the demand for OPEC crude in 1Q23 is expected to be higher by 0.2 mb/d year-on-year, while the demand in 2Q23 is forecast to increase by 0.5 mb/d, compared to the same period last year. At the same time, both 3Q23 and 4Q23 are expected to be 1.3 mb/d higher year-on-year each.
Furthermore, as global demand for the whole year is expected to stand at 101.9 mb/d, and supply is forecast at 72.64 mb/d, the balance will equal 29.26 mb/d.