OPEC raises forecast for global demand growth to 2.44 million barrels in 2023

In its monthly report issued on Monday, November 13, 2023, OPEC raised its expectations for growth in global oil demand to 2.44 million barrels per day in 2023. OPEC also maintained its expectations for growth in global oil demand in 2024 at 2.25 million barrels per day, and its expectations for global economic growth remained at 2.8%. In 2023, it maintained global economic growth expectations at 2.6% in 2024.

It also raised expectations for growth in non-OPEC supplies to 1.8 million barrels per day in 2023 and maintained expectations for growth in non-OPEC supplies at 1.4 million barrels per day in 2024.

It also maintained expectations for growth in demand for OPEC oil at 0.6 million barrels per day in 2023 and fixed expectations for growth in demand for OPEC oil at 0.8 million barrels per day in 2024.

OPEC said its crude oil production rose by 80,000 barrels per day to reach 27.90 million barrels per day in October, led by Iran, Angola and Nigeria, while production from Libya, Saudi Arabia and Kuwait fell.