“OPEC” expects oil demand to grow by 2.7 million barrels per day next year
The Organization of Petroleum Exporting Countries "OPEC" expected that the global demand for oil will rise next year by 2.7 million barrels per day on an annual basis, to reach an average of 103 million barrels per day.
In its monthly report, the organization predicted that the demand for oil in 2023 will be supported by the continued strong economic performance of the major consuming countries, as well as good geopolitical developments, and the containment of the Corona epidemic in China.
She said that demand will increase mainly from non-OECD countries, led by China and India, by 2.1 million, while demand from OECD member countries will increase by only 600,000 barrels.
demand rates
OPEC's forecast for global oil demand growth in 2022 remained unchanged from the previous month's assessment of 3.4 million barrels per day. The average total demand for oil will reach 100.3 million barrels per day this year.
The organization raised demand rates data for the first quarter of this year, amid better-than-expected demand for oil in the major consuming countries of the Organization for Economic Cooperation and Development. With the re-emergence of Corona in China, and ongoing geopolitical uncertainties; Oil demand rates were reduced in the second quarter of 2022.
Shown
In 2023, non-OPEC oil production is expected to grow by 1.7 million barrels per day to reach 67.4 million barrels per day.
The "OPEC" report expected that the supply from the Organization for Economic Cooperation and Development will increase by 1.4 million barrels per day in 2023, while the supply from outside the Organization will increase by 200 thousand barrels per day.
The report indicated that the United States will be considered one of the main drivers of the increase in oil supply for the year 2023, with a growth rate of 1.1 million barrels per day, followed by Norway, Brazil, Canada and Guyana. However; Uncertainty remains high due to the operational aspects of US production and ongoing geopolitical developments.
OPEC oil
Regarding the demand for the oil of the OPEC countries in particular; It will rise by 900,000 barrels per day next year, to reach 30.1 million barrels per day, compared to 29.2 million barrels per day, which is the average expected during the current year, based on the initial expectations of global market demand for oil, and the volume of supply expected by the foreign-producing country. Organization of Petroleum Exporting Countries "OPEC".
According to secondary sources; The average production of crude oil by the 13 OPEC members was 28.72 million barrels per day in June 2022, which is 234,000 barrels per day higher on a monthly basis.
Crude oil production rose, mainly due to Saudi Arabia, the UAE, Iran, Kuwait and Angola, while production decreased in Libya and Venezuela, according to the "OPEC" report.
“OPEC +” approves the plan to increase oil in August by 648,000 barrels
The “OPEC +” alliance agreed to commit to the planned increase in oil production in August by 648,000 barrels per day, according to a statement issued today after the end of the 30th meeting of energy ministers in the alliance countries via video link.
And Alexander Novak, Russian Deputy Prime Minister, whose country leads the alliance in partnership with Saudi Arabia, said in a press statement that the decision to adhere to the oil production plan in August "will ensure market balance."
Reuters reported, quoting sources, that the meeting "avoided any discussions on production policy in September." The next meeting of the coalition has been set for August 3.
At its meeting in early June, “OPEC +” approved an increase in oil supplies by about 50%, after months of continuous pressure from major consumers, led by the United States. As the coalition accelerated the timetable for restoring the level of oil production to what it was before the outbreak of the Corona pandemic, distributing the increase that was scheduled for the month of September, amounting to 432,000 barrels per day, over July and August in equal parts, so that the increase in both months becomes 648,000 barrels.
But “Bloomberg” believes, in a report issued two days ago, that in the coming weeks, the deliberations of “OPEC +” members will become more complex, as they must balance pressure to calm crude prices, which reached $110 a barrel, by closing the supply gap created by sanctions imposed on Russia, a member of the coalition, in exchange for the need to mobilize their dwindling reserves of spare production capacity.
The Organization of the Petroleum Exporting Countries, in its latest report, issued in June, expected the average global demand for oil to reach 101.8 million barrels per day in the second half of this year, up from 98.7 million barrels during the first half of 2022, i.e. a growth of 3.1%.
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