According to a report released on Tuesday by the Organization of the Petroleum Exporting Countries, the world’s oil demand is anticipated to increase further the following year, albeit at a slower rate than in 2022. (OPEC).
In its monthly report, OPEC stated that it still expects the world oil demand to grow by 3.4 million barrels per day (bpd) this year, but by 2.7 million bpd in 2023.
The COVID-19 epidemic is predicted to be more contained, according to the oil alliance, and there will be steady global economic development in 2023.
However, OPEC warned that there are still dangers to oil consumption, such as problems brought on by pandemics and geopolitical unpredictability.
Assuming “the pandemic, geopolitical developments in eastern Europe, and global financial tightening despite rising prices do not adversely effect the 2023 growth dynamic to a significant degree,” according to OPEC’s assessment, the world’s gross domestic product will expand by 3.2 percent in 2023.