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Global oil demand growth will slow in 2023 as higher crude and fuel prices push up inflation and slow the global economy, delegates from OPEC and industry sources said.
Fuel use has rebounded after falling due to the coronavirus pandemic in 2020 and is on track to surpass 2019 levels this year, even as prices have risen to record levels. But higher prices undermined growth forecasts for 2022 and fueled expectations of slower growth in 2023.
The Organization of the Petroleum Exporting Countries (OPEC) is expected to release its first demand forecast for 2023 in July. Its forecasts, as well as those of the Paris-based International Energy Agency, are being watched for indications of the direction OPEC’s policies will take.
