https://sputniknews.in/20230918/opec-predicts-global-oil-demand-growth-for-2023-2024-4297557.html
OPEC Predicts Global Oil Demand Growth for 2023, 2024
OPEC Predicts Global Oil Demand Growth for 2023, 2024
Sputnik India
OPEC's estimates for 2023 and 2024 have not changed since the August report.
2023-09-18T08:30+0530
2023-09-18T08:30+0530
2023-09-18T08:30+0530
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Global oil demand in 2023 will increase by 2.4 million barrels per day and will total an average of 102.1 million barrels per day; in 2024, global oil demand will increase by 2.2 million barrels per day, to 104. 3 million, according to the September report of the Organization of Petroleum Exporting Countries (OPEC). The organization expects oil demand in 2024 to support robust global growth and an improving economic situation in China. In its September forecast, OPEC raised its estimate for growth in liquid hydrocarbon production in non-OPEC countries to 1.6 million barrels per day in 2023. In absolute terms, production could reach 67.4 million barrels per day. At the same time, the organization has not changed the forecast for world oil production for 2024 - OPEC expects production to increase by 1.4 million barrels per day, to 68.8 million barrels per day.
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OPEC Predicts Global Oil Demand Growth for 2023, 2024
The main drivers of oil supply growth in 2024 are the US, Canada, Guyana, Brazil, Norway, and Kazakhstan, as follows from the report.
Global oil demand in 2023 will increase by 2.4 million barrels per day and will total an average of 102.1 million barrels per day; in 2024, global oil demand will increase by 2.2 million barrels per day, to 104. 3 million, according to the September report of the Organization of Petroleum Exporting Countries (OPEC).
Thus, OPEC's estimates for 2023 and 2024 have not changed since the August report.
The organization expects oil demand in 2024 to support robust global growth and an improving
economic situation in China.
In its September forecast, OPEC raised its estimate for growth in liquid hydrocarbon production in non-OPEC countries to 1.6 million barrels per day in 2023.
In absolute terms, production could reach 67.4 million barrels per day. At the same time, the organization has not changed the forecast for world oil production for 2024 - OPEC expects
production to increase by 1.4 million barrels per day, to 68.8 million barrels per day.
