Global oil demand will increase by 2.3 million barrels per day on average in 2023, OPEC said in its monthly report on Tuesday, confirming its forecast from the previous month.
The group of oil-exporting countries anticipates that the bulk of the growth in oil demand will come from non-OECD countries and especially from Asia-Pacific, where it should increase by 2.1 million barrels per day (mb/d). ) this year, compared to 0.2 million in the OECD.
Total oil demand is expected to average 101.9 million barrels per day in 2023, a record.
However, demand in the Americas and Europe is revised slightly lower in the first and second quarters, due to uncertain economic prospects.
challenges
“Although growth momentum is expected to continue into 2023, the economy will continue to navigate challenges” including high inflation, likely “more rate hikes,” high debt, and “geopolitical uncertainties,” OPEC said.
“Demand in non-OECD countries is revised up due to improving economic activity in China,” OPEC said. The demand is based on the thirst for kerosene and gasoline in this country that restarts its economic activity “after abandoning the zero Covid policy.”
For 2023, non-OPEC liquids production growth remains unchanged from last month and is expected to grow by 1.4 mb/d, driven by the United States, Brazil, Norway, Canada, Kazakhstan and Russia. , Guyana.
With sanctions targeting Russian oil, US oil is in fact highly coveted: according to preliminary data cited by OPEC, US crude exports reached a record high of 4.3 mb/d in February.
“However, great uncertainties remain regarding the impact of current geopolitical developments, as well as the production potential of US shale in 2023,” underlines OPEC.
Crude production in the 13 OPEC countries rose 117,000 barrels a day in February from the previous month to 28.92 million a day.
Source: BFM TV
