The Organization of the Petroleum Exporting Countries (OPEC) stated in its June report published on Tuesday that the group's estimate for the global oil demand growth in 2023 and 2022 remained unchanged at 2.3 million barrels per day (bpd) and 2.5 million bpd on an annual level, respectively.
"Minor downward adjustments were made to the OECD [Organization for Economic Co-operation and Development] due to weak performance in the second quarter. Nevertheless, these were offset by minor upward adjustments due to better-than-expected performance in China's economy, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand," the report read.
In the (OECD) countries, oil demand was projected to come in at 50,000 bpd in 2023, with the figure revised down from the 100,000 bpd forecast the previous month. Meanwhile, the number for the non-OECD was revised up to an estimated 2.30 million bpd.
