AA / Ankara / Sibel Morrow
According to OPEC’s latest monthly oil market report released on Tuesday, oil demand will increase by 2.2 million barrels per day in 2023 to reach 101.8 million barrels per day with some minor upward adjustments in due to the expected better performance of the Chinese economy after the easing of coronavirus restrictions.
Other regions are expected to experience slight declines, due to economic difficulties that may weigh on oil demand.
Growth in the OECD area is expected to reach 330,000 barrels per day (bpd) to reach 46.52 million (bpd), while growth in non-OECD countries is expected to climb by 1.89 million bpd to 55.25 million. (bpd).
– Increase in world oil supply in December
In December, global oil supply increased by around 300,000 (bpd) month over month, averaging 101.7 million (bpd). This figure is 3.8 million (bpd) higher than the previous year.
OPEC crude oil production averaged 28.97 million (bpd) in December, a monthly increase of about 91,000 (bpd). During this period, OPEC crude oil production increased the most in Nigeria, Angola, Libya and Venezuela, while production in Kuwait, Congo and Algeria fell.
OPEC’s share of crude oil in total world production rose 0.1 percentage point to 28.5% in December from the previous month.
*Translated from English by Wejden Jlassi
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