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OPEC maintains its forecast of an increase in crude oil consumption in 2023

The organisation considers that demand for oil could reach 102.72 million barrels per day in the coming year
OPEP

PHOTO/REUTERS  -   OPEC logo

The Organisation of Petroleum Exporting Countries (OPEC) today insisted on its forecast of a "boost" in crude oil consumption in 2023, which it puts at 2.7% compared to last year, thanks to " healthy global economic growth" and the containment of the COVID-19 pandemic in China. 

In its monthly report on the crude oil market, OPEC forecasts that in 2023 oil demand will reach 102.72 million barrels per day (mbd), with strong increases in China, Russia and India, and more moderate increases in the rich countries of the West. 

For the current year, the Vienna-based group has very slightly lowered its consumption forecast to 100.03 mbd. The downward revision of just 26,000 barrels per day is due to the expectation of a resurgence of pandemic-related restrictions in the second half of the year and "ongoing geopolitical uncertainties". 

Nevertheless, next year's projected consumption figure of 102.72 mbd would be a resounding 3% increase on 2019's figure, before the pandemic caused a drop in demand and opened a period of uncertainty. 

"In 2023, expectations of healthy global economic growth, together with expected improvements in China's COVID-19 containment, are expected to boost oil consumption," OPEC announces in its report today. 

This increased thirst for oil will be particularly strong in China and India, where demand will grow by 4.8% and 4.6% respectively. Together, these two nations will consume 20% of all demand, as much as the United States. 

In the rich countries of Asia and Europe, and in the US, consumption growth will be more modest, between 0.5 and 0.8 % over last year.