Analysts of the Organization of the Petroleum Exporting Countries (OPEC) increased their forecasts for the growth of global oil demand in 2023 from 2.44 million barrels per day to 2.46 million barrels.
Publika.az reports that referring to OPEC’s November report, it is reported that currently the total indicator is estimated at 102.11 million barrels per day.
At the same time, the organization has left the forecast for global oil demand unchanged for 2024. As before, this figure is estimated at 104.36 million barrels per day (plus 2.25 million barrels per day) in OPEC for next year. China was considered the main reason for growth in the organization. Average annual demand in the Asian country is expected to reach a record high and surpass the 2022 value of 1.2 million barrels per day.
Earlier, OPEC predicted a sharp increase in oil production by non-OPEC countries in 2023. This year, due to the increase in production in the USA, Canada, Guyana, Brazil, Norway and Kazakhstan, this figure is expected to increase by 1.8 million barrels per day. At the same time, in 2024, the increase in crude oil production of non-OPEC countries should be 1.4 million barrels per day.
The organization’s November report also states that by the end of September 2023, Russia has regained its leadership in oil supplies to China and India. By the end of the first month of autumn, China accounted for 19 percent of the total raw material import, and India accounted for 36 percent. According to this indicator, Russia managed to overtake its main raw material competitor, Saudi Arabia.
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