OPEC predicts that oil demand will rise by 2.3 mb/d YoY in 2023, reaching an average of 101.9 mb/d, due to the continued recovery of the travel and transportation sectors.
According to the organization’s latest Monthly Oil Market Report, demand is estimated to grow by 2.5 mb/d YoY in 2022. While the OECD is expected to fall short of pre-pandemic levels in 2023, non-OECD oil demand is projected to exceed 2019 levels in 2022.
OPEC notes that due to the high level of uncertainty surrounding global economic recovery, market developments will continue to be closely monitored to ensure stable market stability.
OPEC stated that despite the challenges faced by the global economy, the projected growth of 2.6% in 2023 remains healthy, although it marks a slight deceleration from the growth rate of 3.2% expected in 2022.
OPEC also reported that crude oil futures prices averaged lower in February due to concerns about the impact of aggressive rate hikes by major central banks, which dominated market sentiment.
However, the prospect of oil demand recovery in China limited the decline in futures prices. The announcement of the sale of 26 million barrels of crude oil from the US Strategic Petroleum Reserve also added downward pressure on futures prices.
