Beautiful Virgin Islands

Monday, Sep 01, 2025

OPEC keeps global oil demand forecast unchanged for 2023

OPEC keeps global oil demand forecast unchanged for 2023

Global oil supply in August increases by around 1.3 million barrels per day compared to previous month

The Organization of the Petroleum Exporting Countries (OPEC) estimated that global oil demand would remain unchanged from its report last month at 102.7 million barrels per day (bpd) in 2023, according to OPEC's latest monthly oil market report released on Tuesday.

This forecast marks a rise of 2.7 million bpd compared to 2022 as global oil demand remains unchanged from last month's forecast at 100 million bpd.

According to the report, gas-to-oil substitution for power generation and industrial consumption in OECD Europe and Asia represents an important component of the demand outlook for the year.

In the non-OECD region, oil demand for the year is expected to rise by 1.5 million bpd to 53.7 million bpd. A steady increase in industrial and transportation fuel demand, supported by a recovery in economic activity and the easing of COVID-19 restrictions in China, is projected to boost demand in 2022.

In the OECD, oil demand is forecast to rise by 600,000 bpd, with OECD Americas expected to climb firmly and with US oil demand above 2019 levels mainly due to the recovery in transportation fuels and light distillate demand. OECD Europe and the Asia Pacific region will also see rises above 2019 consumption levels.

OPEC expects solid economic performance in major consuming countries, potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties will support oil demand next year.


Global supply increases in August


Global oil supply in August increased by around 1.3 million bpd compared to the previous month to an average of 101.3 million bpd.

OPEC crude oil production averaged 29.6 million bpd in August for a month-on-month increase of about 618,000 bpd. Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.

The share of OPEC crude oil in total global production increased by 29.3%, or 200,000 bpd, in August compared to the previous month.

During this period, OPEC natural gas liquids were recorded as 5.4 million bpd, while non-OPEC production rose month-on-month by around 700,000 bpd to 71.6 million bpd in August.

OECD Americas and OECD Europe along with other Eurasian countries drove increased production in August, which saw a rise of 500,000 bpd, while production in Russia and some other countries declined.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×