OPEC sticks to 2023, 2024 oil demand growth outlook

OPEC kept its oil demand growth forecasts for 2023 and 2024 unchanged, citing signs of a resilient global economy so far this year and projecting further demand gains in China.

Global oil demand is likely to expand by 2.4 million barrels per day (bpd) and 2.2 million bpd in 2023 and 2024, respectively, the group said in its monthly report.

"In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC wrote.

The outlook for this year’s oil demand growth was reduced by 100,000 bpd from the previous estimate issued last month of 29.1 million bpd, albeit 700,000 bpd above the 2022 figure.

The report also indicated an uptick in OPEC oil production in September, despite the supply cuts pledged by the OPEC+ alliance.