https://sputnikglobe.com/20231213/opec-keeps-forecast-for-2023-world-oil-demand-unchanged-at-1021mln-bpd-1115555052.html
OPEC Keeps Forecast for 2023 World Oil Demand Unchanged at 102.1Mln Bpd
OPEC Keeps Forecast for 2023 World Oil Demand Unchanged at 102.1Mln Bpd
Sputnik International
OPEC has kept its forecast for global oil demand for 2023 unchanged and expects an increase by 2.5 million barrels per day to 102.1 million barrels per day, according to its fresh monthly report published on Wednesday.
2023-12-13T13:16+0000
2023-12-13T13:16+0000
2023-12-13T13:16+0000
opec
oil
oil production
oil producers
economy
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"The forecast for world oil demand growth in 2023 remains unchanged from last month’s assessment at 2.5 mb/d ... Total world oil demand is expected to average 102.1 mb/d in 2023, primarily driven by requirements from non-OECD countries," the report read.Meanwhile, according to the same report, OPEC’s oil production decreased by 57,000 barrels per day in November compared to the October data and amounted to 27.84 million barrels per day."OPEC-13 crude oil production in November dropped by 57 tb/d m-o-m to average 27.84 mb/d, according to available secondary sources," the report read.According to the report, OPEC+ implemented oil output cut deal by 309% in November, reducing production by 2.666 million barrels per day above quotas.In comparison, the commercial oil stocks in the Organization for Economic Co-operation and Development (OECD) decreased by 12.8 million barrels in October and were below the five-year average by 66 million barrels, according to the report."Preliminary October 2023 data show total OECD commercial oil stocks down by 12.8 mb, m-o-m. At 2,818 mb, they were 45 mb higher than the same time one year ago, but 66 mb lower than the latest five-year average and 128 mb below the 2015–2019 average," the report read.Forecasts for Oil ProductionOPEC has maintained its forecast for oil production for 2023 outside the organization at 67.6 million barrels per day."Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased by 0.4 mb/d, m-o-m, in November to average 73.9 mb/d. This is higher by 0.9 mb/d, y-o-y. Preliminary estimated production decreases in November were mainly seen in Russia and Kazakhstan and were partially offset by rises in Other Asia, Canada and Other Eurasia," the report read.OPEC has kept its forecast for Russia's oil production in October unchanged from the level of September, amounting to 9.5 million barrels per day."Russia's liquids production in October rose by about 55 tb/d, m-o-m, to average 10.9 mb/d. This includes 9.5 mb/d of crude oil and 1.4 mb/d of NGLs and condensate," the report read.The organization also kept the forecast for Russia's production of oil and condensate unchanged at level of 10.6 million barrels per day."For 2023, Russian liquids production is forecast to drop by 0.4 mb/d for an average of 10.6 mb/d, broadly unchanged from the previous month’s assessment. It is worth noting that this takes into account all announced production adjustments of the countries in the DoC to the end of 2023 and 2024," the report said.OPEC has kept its forecast for the United States' oil and condensate production in 2023 unchanged and expects a rise by 850,000 barrels per day to 12.76 million barrels per day.The November report of the organization also expected the 2023 US production to rise by 850,000 barrels per day to 12.76 million barrels per day
https://sputnikglobe.com/20230413/opec-maintains-forecast-for-global-oil-demand-growth-in-2023-by-23mln-bpd---report-1109468385.html
https://sputnikglobe.com/20231009/opec-expects-world-oil-demand-to-increase-by-106mln-bpd-to-1102mln-bpd-by-2028-1114034716.html
https://sputnikglobe.com/20231004/russia-to-decide-in-november-on-deepening-oil-output-cut-or-expanding-production---novak-1113910288.html
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opec, oil production, oil extraction, oil demand, opec forecasts
opec, oil production, oil extraction, oil demand, opec forecasts
OPEC Keeps Forecast for 2023 World Oil Demand Unchanged at 102.1Mln Bpd
MOSCOW (Sputnik) - OPEC has kept its forecast for global oil demand for 2023 unchanged and expects an increase by 2.5 million barrels per day to 102.1 million barrels per day, according to its fresh monthly report published on Wednesday.
"The forecast for world oil demand growth in 2023 remains unchanged from last month’s assessment at 2.5 mb/d ... Total world oil demand is expected to average 102.1 mb/d in 2023, primarily driven by requirements from non-OECD countries," the report read.
Meanwhile, according to the same report, OPEC’s oil production decreased by 57,000 barrels per day in November compared to the October data and amounted to 27.84 million barrels per day.
"OPEC-13 crude oil production in November dropped by 57 tb/d m-o-m to average 27.84 mb/d, according to available secondary sources," the report read.
According to the report, OPEC+ implemented oil output cut deal by 309% in November, reducing production by 2.666 million barrels per day above quotas.
In comparison, the commercial oil stocks in the Organization for Economic Co-operation and Development (OECD) decreased by 12.8 million barrels in October and were below the five-year average by 66 million barrels, according to the report.
"Preliminary October 2023 data show total OECD commercial oil stocks down by 12.8 mb, m-o-m. At 2,818 mb, they were 45 mb higher than the same time one year ago, but 66 mb lower than the latest five-year average and 128 mb below the 2015–2019 average," the report read.
9 October 2023, 10:57 GMT
Forecasts for Oil Production
OPEC has maintained its forecast for oil production for 2023 outside the organization at 67.6 million barrels per day.
"Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased by 0.4 mb/d, m-o-m, in November to average 73.9 mb/d. This is higher by 0.9 mb/d, y-o-y. Preliminary estimated production decreases in November were mainly seen in Russia and Kazakhstan and were partially offset by rises in Other Asia, Canada and Other Eurasia," the report read.
OPEC has kept its forecast for Russia's oil production in October unchanged from the level of September, amounting to 9.5 million barrels per day.
"Russia's liquids production in October rose by about 55 tb/d, m-o-m, to average 10.9 mb/d. This includes 9.5 mb/d of crude oil and 1.4 mb/d of NGLs and condensate," the report read.
The organization also kept the forecast for Russia's production of oil and condensate unchanged at level of 10.6 million barrels per day.
4 October 2023, 08:59 GMT
"For 2023, Russian liquids production is forecast to drop by 0.4 mb/d for an average of 10.6 mb/d, broadly unchanged from the previous month’s assessment. It is worth noting that this takes into account all announced production adjustments of the countries in the DoC to the end of 2023 and 2024," the report said.
OPEC has kept its forecast for the United States' oil and condensate production in 2023 unchanged and expects a rise by 850,000 barrels per day to 12.76 million barrels per day.
The November report of the organization also expected the 2023 US production to rise by 850,000 barrels per day to 12.76 million barrels per day
