FX.co ★ OPEC raises its 2023 forecast for global oil demand

Analysts at OPEC have raised their forecast for global oil demand growth in 2023 to 2.46 million barrels per day from the previous 2.44 million. World oil demand is now predicted to average 102.11 million barrels per day this year.

In 2024, global oil demand is forecast to rise by 2.25 million barrels per day to 104.36 million barrels per day, unchanged from last month's assessment. OPEC expects China’s demand for hydrocarbons to exceed the figures of 2022, thus boosting global oil consumption.

Earlier, the cartel predicted a sharp increase in non-OPEC oil output. According to preliminary estimates, global oil supply would increase by 1.8 million barrels per day by the end of 2023, with the United States, Canada, Guyana, Brazil, Norway, and Kazakhstan being primary contributors to this growth. As for 2024, the organization anticipated non-OPEC oil output growing by 1.4 million barrels per day.

In September 2023, Russia was once again the largest energy supplier to China and India, OPEC said in its November report. Russian oil accounted for 19% of China’s total purchases and 36% of India’s total imports. As a result, Russia overtook Saudi Arabia, its main energy competitor.