Oil demand in 2023 will grow by 2.3 million barrels per day, OPEC Secretary General Haytham al-Ghais said on March 8 at the CERAWeek international energy conference.
“We see that the market is showing growth and we hope that the situation will improve this year as well. Our latest forecasts show that the demand for oil will increase by 2.3 million barrels per day. And most of these 2.3 million barrels will come from Asian countries, including India and China.”– said the Secretary General of OPEC, citing the opinion of the representatives of the cartel.
According to al-Gais, oil consumption in China will increase by 600,000 barrels per day.
Note that the US Department of Energy has forecast an increase in oil production in 2023 by 400,000 barrels per day. Meanwhile, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said there was no need to revise the OPEC+ deal to limit oil production.
In addition, on March 7, Reuters reported that Russia plans to reduce oil exports and transit from Western ports by 10% in March.
Source: Rossa Primavera
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