OPEC nudges up forecast for 2023 oil-demand growth, leaves 2024 unchanged

The Organization of the Petroleum Exporting Countries, or OPEC, on Monday nudged its forecast for 2023 growth in oil demand higher to 2.5 million barrels a day, or mbd, from a projection of 2.4 mbd in October. In its November report, OPEC said the change came as revisions to demand data from members of the Organization for Economic Cooperation and Development, a club of rich countries, largely offset each other, while upward revisions for China offset downward revisions elsewhere among non-OECD countries. Oil demand in 2024 is forecast to grow by 2.2 mbd, unchanged from OPEC’s previous assessment. On the supply side, OPEC revised up its forecast for 2023 non-OPEC growth to 1.8 mbd from 1.7 mbd, while 2024 non-OPEC liquids supply is expected to grow 1.4 mbd, broadly unchanged from the October estimate.