News Digest: OPEC lifts crude oil demand forecast for 2023
July 14, 2023
Global oil cartel OPEC has raised its forecast for crude oil demand for 2023 to 2.4 million barrels per day, which represents an upward revision of 100,000 bpd from the numbers its shared a month ago.
The latest forecast, which was released on July 13, said global oil demand is expected to grow by 2.2 million bpd on the back of continued rebound in Chinese economic activity and growth in other non-OECD countries. It expects non-OPEC liquids supply to grow by 1.4 million bpd through the rest of 2023 and 2024.
However, the group also cautioned that there were uncertainties over US shale output, given the reports of unplanned maintenance. It forecast US liquids to touch 700,000 bpd in 2024. It also noted that to reach these levels, non-OPEC countries will have to invest $480 billion for upstream capacity expansion in 2024.