The deterioration in the outlook for the global economy presented by the International Monetary Fund in the middle of the week has translated into a downgrading of the outlook for global oil demand. Global oil consumption will increase this year and next, but less than originally anticipated.
Demand for oil will grow, says OPEC
Oil cartel OPEC estimates that oil demand will grow by 2.7 percent this year by an average of 2.64 million barrels per day. This is a reduction of approximately 460,000 barrels per day compared to the previous forecast. Referring to OPEC, Reuters reported this.
A period of heightened uncertainty awaits us
“The world economy has entered a period of heightened uncertainty, exacerbated by high inflation, tightening of central bank monetary policy, debt growth in many countries and persistent supply chain problems,” OPEC said in its latest oil market report.
There will also be lower oil demand growth in 2023 than OPEC originally expected. Average daily consumption next year will increase by 2.34 million barrels per day, but this is 360,000 less than in the previous report.
