The Organization of the Petroleum Exporting Countries (OPEC) estimated that global oil demand would be at 102.02 million barrels per day (bpd) in 2023, according to OPEC's latest monthly oil market report released on Wednesday.
This forecast marks a rise of 2.3 million bpd compared to 2022.
According to the report, world oil demand growth in 2022 is revised down by 0.5 million barrels per day to reflect recently observed trends and developments in various regions.
It said these include the extension of China's zero-COVID-19 restrictions in some regions, economic challenges in OECD Europe, and inflationary pressures in other key economies which could taper overall demand. Accordingly, demand is projected to grow by 2.6 million barrels per day.
In the non-OECD region, oil demand for the year is expected to rise by 1.3 million bpd to 53.5 million bpd. A steady increase in industrial and transportation fuel demand, supported by a recovery in economic activity is projected to support the region's demand in 2022.
In the OECD, oil demand is forecast to rise by 1.4 million bpd, with OECD Americas demand is expected to rise the most in 2022, led by the US on the back of recovering diesel demand. Light distillates are also projected to support demand growth this year.
OPEC expects solid economic performance in major consuming countries, potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties will support oil demand next year.
Global oil supply in September increased by around 0.93 million bpd compared to the previous month to average 101.5 million bpd.
OPEC crude oil production averaged 29.76 million bpd in September for a month-on-month increase of about 146,000 bpd. During this period, crude oil production in OPEC increased the most in Saudi Arabia. Iraq was the country where crude oil production decreased the most.
The share of OPEC crude oil in total global production increased by 29.3% in September compared to the previous month.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr