OREANDA-NEWS Analysts at the Organization of Petroleum Exporting Countries (OPEC) have raised their forecast for global oil demand growth in 2023 from 2.44 million barrels per day to 2.46 million. Now the total figure is estimated at 102.11 million barrels per day, Kommersant reports with reference to the November OPEC report.

At the same time, the forecast of global oil demand in 2024 was left unchanged in the organization. As before, the figure for next year in OPEC is estimated at 104.36 million barrels per day (plus 2.25 million barrels per day). China was considered the main driver of growth in the organization. The average annual demand in the Asian country is expected to be a record and exceed the value of 2022 by 1.2 million barrels per day. Earlier, OPEC predicted a sharp increase in oil production in 2023 by states outside the organization. 

The November report of the organization also reported that by the end of September 2023, Russia regained its leadership in terms of oil supplies to China and India. By the end of the first month of autumn, it accounted for 19 percent of the total import of raw materials to China and 36 percent to India. According to this indicator, Russia managed to get ahead of its main raw material competitor — Saudi Arabia.