Commodities Buzz: OPEC Expects Increase Of 2.7 Million Barrels Per Day In Global Crude Oil Demand

12 Jul 2022 , 04:53 PM

Oil producing cartel OPEC has stated that it is expecting an increase of 2.7mn b/d to 103mn b/d in global oil demand next year on healthy global economic growth. However, the groups forecast for this years oil demand growth has been left unchanged at 3.4mn b/d. In its latest Monthly Oil Market Report (MOMR), Opec says its 2.7mn b/d demand growth forecast for 2023 assumes solid economic performance in major consuming countries. The group anticipates a recovery in consumption of transportation fuels, light distillates and industrial fuels, with the US, OECD Europe and Asia-Pacific all expected to exceed 2019 pre-pandemic demand levels next year. Powered by Commodity Insights