OPEC maintains oil demand growth forecasts for 2023, 2024 at 2.5 mln, 2.3 mln bpd

MOSCOW. Dec 13 (Interfax) - OPEC has maintained its expectations for oil demand in 2023 to grow 2.46 million barrels per day to 102.11 million bpd in 2023 and another 2.25 million bpd to 104.36 million bpd in 2024, the organization said in its monthly report.

OPEC said the economic growth seen in the first three quarters this year in most key economies had surpassed expectations. The global economic growth forecast for 2023 is 2.9%, with robust growth expected to extend into 2024, when the forecast is 2.6% for the year.

The OPEC analysts said the robust growth observed in the United States during H1 2023 and Q3 2023 was expected to moderate slightly, with a steady trajectory anticipated in Q4 2023 and throughout 2024. The Eurozone, which saw lower-than-anticipated growth up to Q3 2023, is expected to see a slight acceleration in Q4 2023 and in 2024. Japan's economic growth exceeded its potential in H1 2023, with a projected normalization in H2 2023 and throughout 2024.

In the non-OECD group, India, Brazil and Russia showed robust higher-than-expected growth up to Q3 2023, with this trend expected to persist in Q4 2023 and throughout 2024. Prudent government measures in China helped the country to achieve its 2023 growth target, with a marginal slowdown expected in 2024, the OPEC analysts said.

Global economic challenges in 2024 remain, including an improved global macro environment driven by accommodative monetary policies and a more favorable geopolitical landscape, the report says.