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The Organization of Petroleum Exporting Countries (OPEC) highlighted United States oil consumption, which is anticipated to surpass 2019 levels, and maintained global oil demand growth for 2023.

Oil demand will increase by 2.2 million barrels per day (bpd) in 2023 to reach 101.8 million bpd, according to OPEC’s most recent monthly oil market report, which was released on Tuesday. This increase will be fueled by anticipated geopolitical improvements and the containment of coronavirus disease 2019 (Covid-19) in China.

The OECD is predicted to rise by 300,000 bpd to 46.5 million bpd, while the OECD Americas are anticipated to grow strongly, with US oil demand increasing above 2019 levels mostly as a result of the demand rebound in transportation fuels and light distillate.

However, it is not anticipated that consumption in OECD Europe and Asia Pacific will rise above 2019 levels.

The estimated average worldwide oil consumption of 99.6 million barrels per day (bpd) in 2022 is under severe pressure from a number of unpredictabilities, such as changes in the world economy, containment efforts for the Covid-19 virus in China, and continuous geopolitical tensions.

increased supply of oil globally

November saw a roughly 43,000 bpd month-over-month increase in the global oil supply, which averaged 101.5 million bpd. This number represents an increase of 3.2 million bpd from the prior year.

In November, OPEC produced an average of 28.83 million barrels per day of crude oil, a reduction of around 744,000 barrels per day from October.

Nigeria and Angola saw the biggest increases in OPEC crude oil output during this time, while Saudi Arabia, the United Arab Emirates, and Kuwait saw declines.

In November compared to October, the proportion of OPEC crude oil in the world’s total production fell by 0.7 percentage points to 28.4%.

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