OPEC: Global demand for oil in 2023 will exceed pre-pandemic levels

The Organization of the Petroleum Exporting Countries, OPEC, said that global demand for oil will rise by 2.25 million barrels per day in 2024, compared to a growth of 2.44 million barrels per day in 2023, and both forecasts did not change from last month.

OPEC explained in the report, “Continued global economic growth is expected to drive demand for oil, especially in light of the recovery of tourism and air travel and the steady leadership of mobility. Pre-Covid-19 levels of total global oil demand will be exceeded in 2023.”

OPEC kept its expectations for global economic growth this year at 2.7% and kept expectations for next year at 2.6%, citing the flexibility of the first half and the trend of steady global growth that continued until the third quarter. The OPEC report showed that OPEC’s production rose by 113 thousand barrels per day to 27.45 million barrels per day in August .

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