BAKU, Azerbaijan, January 17. Global oil demand growth forecast for 2023 is expected to stand at 2.2 million barrels per day (mb/d) - unchanged from the previous estimations, Trend reports via monthly oil outlook from OPEC.
"Minor upward adjustments were made due to the expected better performance in China’s economy on the back of its reopening from COVID-19 restrictions, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand," the report said.
According to the forecast, oil demand is expected to rise by 1.7 mb/d year-on-year in the first quarter of 2023.
At the same time, as OPEC noted, "oil demand is adjusted downward in the 3Q22, amid data showing a demand decline in the OECD and China, but non-OECD countries outside of China are revised higher. Similarly, world oil demand growth for 2023 is also unchanged at 2.2 mb/d, with the OECD growing by 0.3 mb/d and non-OECD at 1.9 mb/d".
Thus, the total world oil consumption in 2023 stands at 101.8 mb/d (99.6 mb/d in 2022), the outlook said.
"However, this forecast is subject to many uncertainties, including global economic developments, shifts in COVID-19 policies, and ongoing geopolitical tensions," OPEC noted.
