: OPEC leaves forecasts for oil-demand growth unchanged

The Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in oil demand unchanged. OPEC, in its monthly report, said it expects demand to grow by 2.4 million barrels a day this year and 2.2 million barrels a day in 2024. The forecast for non-OPEC liquids supply growth was revised up to 1.7 mb/d in 2023. Main drivers of liquids supply growth for 2023 include the U.S., Brazil, Norway, Kazakhstan, Guyana and China, OPEC said. For 2024, non-OPEC liquids supply is expected to grow by 1.4 mb/d,, unchanged from the organization’s September forecast. Earlier, the International Energy Agency said that it now expects oil demand to grow by 2.3 million barrels a day this year, a hike of 100,000 barrels a day from last month’s report. But the IEA lowered its demand growth forecast for 2024, projecting total demand will average 102.7 million barrels a day.

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