OPEC forecast: global crude oil demand to grow by 2.7% in 2023

Recently, the Organization of the Petroleum Exporting Countries (OPEC) predicted in its monthly report that in 2023, global crude oil demand will increase by 2.7 million barrels per day compared with the previous year, a year-on-year increase of 2.7%. Global economic growth and a pick-up in Chinese demand are expected to drive this growth.

According to reports, global crude oil demand this year is about 100 million barrels per day. OPEC statistics show that global crude oil production in 2022 will increase by 3.36 million barrels per day compared to 2021, a sharp rebound from 2020 when demand fell after the outbreak of the new crown epidemic. Global demand in 2022 is likely to exceed pre-pandemic 2019.

Central banks across the European Union are tightening monetary policy to curb inflation. There is a view that global crude oil market demand is weakening. In this regard, OPEC is optimistic that the healthy growth of the world economy and the improvement of the new crown pneumonia epidemic in 2023 will effectively stimulate global crude oil consumption.