The Strategist

OPEC continues to expect global oil demand to rise in 2023

05/12/2023 - 10:13

According to OPEC's May report, the group still projects that the world's oil demand would increase by 2.3 million bpd to 101.9 million bpd in 2023.
OPEC stated that the estimated increase in global oil demand for 2023 is similarly expected to be 2.3 million bpd, with 0.07 million bpd growth in OECD countries and roughly 2.3 million bpd in non-OECD countries.

In 2023, the total demand for oil is anticipated to be 101.9 million barrels per day. "However, this estimate hinges on many variables, including prolonged geopolitical tensions and changes in the global economy," the organization added.

OPEC predicted that the world's oil demand would be 101.89 million bpd in April. The projection was raised by 10,000 barrels in May, bringing it to 101.9 million bpd.