Today, the Organization of the Petroleum Exporting Countries (OPEC) maintained its optimism about the future of global oil demand, despite the economic challenges, and raised its expectations for demand growth in 2023, in exchange for a slight slowdown next year.
In its report, OPEC suggested the growth of global oil demand, during the current year, by 100,000 barrels from last month’s estimates to 2.4 million barrels per day, attributing this increase mainly to the increase in demand in China during the second quarter of 2023.
The growth in oil demand is an indication of the strength of the oil market, and also draws part of the background for the decisions of the “OPEC Plus” coalition, which includes “OPEC” and its allies, in light of its extension last June of supply restrictions to 2024 to support the market.
“In 2024, strong global economic growth amid continued improvement in China is expected to lead to an increase in oil consumption,” OPEC said in the report today.
She explained that the factors of “OPEC Plus” proactive approach and production cuts added a great deal of stability to the global oil market, which is expected to lead to the continuation of strong oil market fundamentals in the year 2024.
