OPEC estimates global oil demand growth of 2.4 million barrels per day in 2023

OPEC is maintaining its forecast for global oil demand growth in 2023, with an increase of 2.4 million barrels per day (BPD) to 102 million BPD, according to its monthly report.

In 2023, oil demand in the OECD region is expected to increase by 120,000 b/d to 46.1 million b/d. In other countries, production is expected to increase by 2.3 million barrels per day to 55.9 million barrels per day.

OPEC estimates that continued growth in the global economy, on the back of continued improvement in the Chinese economy, will further boost oil consumption in 2024. Global oil demand is expected to grow by 2.2 million barrels per day year-on-year. China and India are expected to see the biggest increases