Oil demand will increase by 2.32 million barrels per day (bpd) in 2023 to reach 101.9 million bpd, reported OPEC’s most recent monthly oil market on Thursday.
Growth in the OECD is projected to increase by 140,000 bpd to reach 46.1 million bpd, while growth in non-OECD countries is expected to climb by 2.18 million bpd to 55.8 million bpd.
“There are minor downward adjustments reflecting the latest developments in the OECD region, primarily in the OECD Americas and OECD Europe,” the organization said, adding that “however, the stronger-than-expected demand seen in non-OECD countries in January and February necessitated some upward revisions.”
However, OPEC warned that “this is subject to many uncertainties, including the trend and pace of economic activity in both OECD and non-OECD countries.”
Global oil supply in March fell by around 200,000 bpd month over month, averaging 101.9 million bpd, marking a 1.9 million bpd increase over the previous year.
OPEC’s crude oil production averaged 28.8 million bpd in March, a month-on-month decrease of 86,000 bpd. During this period, crude oil production in OPEC increased the most in Saudi Arabia, while production in Angola declined.
The share of OPEC crude oil out of total global production was marginally unchanged at 28.8% in March compared to the previous month.