OPEC maintains forecast for oil demand growth in 2023 for fourth month in a row

MOSCOW, June 14, 2023 OPEC predicts that global oil demand growth could reach 2.3 million barrels per day (bpd) in 2023, the organization said in a June report. The indicator has remained unchanged for four months in a row.

In absolute terms, oil demand could average 101.9 million bpd in 2023. The countries of the Organization for Economic Cooperation and Development (OECD) will account for only 0.05 million bpd of the total growth in demand, OPEC expects. Non-OECD countries will increase oil demand by almost 2.3 million bpd.

The organization also maintained its forecast for non-OPEC oil supply growth in 2023 at 1.4 million bpd. This indicator also does not change for the fourth month in a row. In absolute terms, it can reach 67.2 million bpd.

As OPEC expects, the main drivers of the increase in supply will be the United States, Brazil, Norway, Canada, Kazakhstan and Guyana. A decline in production is expected primarily in Russia. The organization also notes that in March 2023, the production of oil and condensate in the United States reached the highest level since March 2020, and for the whole year, the growth rate could reach 1.1 million bpd.