Written by Marwa Al Ghoul
Friday, May 12, 2023 08:00 AM
The latest forecasts of the Organization of the Petroleum Exporting Countries (OPEC) indicate that the total global demand for oil increased during the first quarter of 2023 by about 90 thousand barrels per day compared to the previous quarter, to reach about 101.3 million barrels per day, supported by the high demand for fuel (in light of the continued recovery Mobility – especially travel activity (air travel and the increase in demand for raw materials (used in the petrochemical industry) in the Asia Pacific countries that are members of the Organization for Economic Cooperation and Development and developing Asian countries, coinciding with China’s cancellation of the largest global importer of oil strict restrictions to prevent the spread of the Corona virus, and what This is related to a recovery in industrial, construction and agricultural activities, according to the report of the global petroleum situation of the “OAPEC” organization.
-And the report continued, that in general, total global demand is expected to increase during the year 2023 by about 2.3 million barrels per day, or by 2.3% compared to the previous year, to reach about 101.9 million barrels per day, which is a slightly higher level than previous expectations.
-The report stated that, in this context, it is expected that the demand for oil in the countries of the Organization for Economic Cooperation and Development will increase during the year 2023 by about 350 thousand barrels per day, or by 0.8% compared to the previous year, to reach about 46.5 million barrels per day, with the acquisition of the countries of the Americas, led by the United States of America. More than three-quarters of this growth. It is also expected that the demand of countries outside the Organization for Economic Cooperation and Development will increase by about 2 million barrels per day, or by 3.7% compared to the previous year, to reach 55.4 million barrels per day, supported by the expected recovery in the performance of the Chinese economy.
It should be noted that the expectations are still subject to a state of uncertainty associated with a group of doubts and fears, the most important of which are: slowing global economic growth, high levels of inflation, escalating geopolitical tensions in Eastern Europe, and a possible shift in China’s policy regarding dealing with the Corona virus, which was It has a major role in the preemptive decision of the OPEC + countries to reduce its production level during the period (November 2022 – December 2023) by 2 million barrels per day from the target production level in August 2022, in a continuous and tireless effort to provide sustainable stability to the global oil market.
