• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 5 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

OPEC Leaves Global Oil Demand Outlook Untouched

  • World oil demand growth in 2022 is expected to remain at 2.5 million bpd.
  • OPEC sees global demand growth in 2023 at 2.2 million bpd per year to average 101.8 million bpd.
  • OPEC's forecasts depend on the successful containment of COVID-19 in China.
OPEC flag

Global oil demand growth is expected at 2.5 million barrels per day (bpd) this year and 2.2 million bpd next year, OPEC said on Tuesday, leaving the previous month’s estimates unchanged, on hopes of easing of Covid curbs in China.

World oil demand growth in 2022 is expected to remain at 2.5 million bpd, with total demand averaging 99.6 million bpd, the same as last month’s assessment, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) today.  

“Renewed lockdowns in China weighed heavily on oil demand, with the country registering an oil demand contraction in 2022,” OPEC said.

But next year, “a resolution of the geopolitical conflict in Eastern Europe and a relaxation of China’s zero-COVID policy could provide some upside potential,” the cartel said in its outlook for 2023.

Global oil demand growth next year is expected to rise by 2.2 million bpd for an average of 101.8 million bpd, supported by expected geopolitical improvements and the containment of Covid in China.  

OPEC cautioned, however, that the current unchanged outlook from last month “assumes the successful containment of COVID-19 and a resumption of pre-pandemic economic growth in China, while India’s oil demand is projected to be supported by continued healthy economic growth.”

“As the year 2022 draws to a close, the recent global economic growth slowdown with all its far-reaching implications is becoming quite evident. The year 2023 is expected to remain surrounded by many uncertainties, mandating vigilance and caution,” the cartel warned.  

In supply, OPEC’s outlook for non-OPEC liquids production growth remains largely unchanged and is expected at 1.5 million bpd in 2023, led by the United States, Norway, Brazil, Canada, Kazakhstan, and Guyana, while oil production is forecast to decline mainly in Russia and Mexico.

“Nonetheless, large uncertainties persist around geopolitical development in Eastern Europe, as well as the US shale output potential next year,” OPEC said.   

By Charles Kennedy for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News