OPEC confirmed its expectations for the growth of global oil demand in the current year (2023), and the estimates of oil supply from outside it did not witness any change.
According to the monthly report issued by Exporting Countries Organization For oil – today, Tuesday (January 17), the lifting of Corona restrictions in China will boost demand growth, while most other regions are expected to witness a slight decline, due to economic challenges.
On the supply side, OPEC sees great uncertainty related to geopolitical developments in Eastern Europe, and prospects for US shale oil production in 2023, according to the report I have seen. Energy Research Unit.
Oil demand forecast
OPEC expects growth demand for oil By about 2.22 million barrels per day this year, almost unchanged from the December 2022 forecast, bringing the projected total to 101.77 million barrels per day.
Global oil consumption is likely to rise by 1.7 million barrels per day on an annual basis during the first quarter of 2023, according to the report, which was reviewed by the Energy Research Unit.
However, OPEC noted that the outlook for oil demand is subject to many uncertainties, including global economic developments, the fallout from the coronavirus, and ongoing geopolitical tensions.
The following chart, prepared by the Energy Research Unit, monitors OPEC’s expectations for global oil demand growth in 2023.:
As OPEC’s forecast for global oil demand growth in 2022 remains unchanged at 2.54 million bpd, the total is likely to average 99.55 million bpd.
The organization expects global GDP to grow by about 2.5% in 2023, unchanged from previous estimates, while it raised growth estimates slightly in 2022 to 3%.
Non-OPEC oil supply
Oil supply from outside the organization is expected to grow by 1.54 million barrels per day in the current year, unchanged from previous estimates, bringing the expected total to 67.16 million barrels per day.
OPEC estimates that growth in oil supplies will come from the United States, Norway, Brazil and Canada, while production declines in Russia and Mexico are likely.
The following graph, prepared by the Energy Research Unit, shows OPEC’s expectations for the change in petroleum liquids production for some countries in 2023.:
And raised OPEC Its expectations for the growth of the oil supply from abroad during 2022, at a slight pace to reach 1.93 million barrels per day, compared to previous estimates of 1.89 million barrels per day.
This means that the total non-OPEC oil supply amounted to 65.61 million barrels per day, according to the OPEC report.
OPEC oil production
Has risen States production OPEC members increased by 91 thousand barrels per day during December 2022, on a monthly basis, bringing the total to 28.971 million barrels per day.
The rise in oil supplies comes from Nigeria, Angola and Libya by about 91, 42 and 17 thousand barrels per day, respectively.
The following table shows the production of OPEC countries from crude oil, according to the estimates of the monitoring companies:
related topics..
Also read..
