OPEC: Global demand for oil will continue to grow in 2023

Baghdad-INA 

OPEC expected the demand for oil to grow by 2.70 million barrels per day in 2023, with an increase in consumption by the United States, China and India, but at a slower pace than what happened in the current year 2022.

According to the monthly report of the Organization of Petroleum Exporting Countries - issued today, Tuesday 12 July - Total global oil demand is likely to reach 102.99 million barrels per day next year 2023.

The positive outlook comes with optimism about global economic growth, improving geopolitical conditions and containing Corona injuries in China, according to preliminary estimates for 2023 issued by OPEC, It was reported by the Energy Research Unit.

According to the report, it is expected that the demand for oil in the OECD countries will increase by 0.6 million barrels per day during 2023, according to the report.

In contrast, OPEC expects oil consumption in countries outside the Organization for Economic Cooperation and Development at about 2.1 million barrels per day, led by China and India.

The organization expects global GDP growth by about 3.2% in the next year 2023, assuming that there will be no negative impact from the repercussions of the epidemic, geopolitical developments in Eastern Europe and accelerating inflation.