World economic growth in '23 revised up slightly to 2.8 pct - report
VIENNA, Oct 12 (KUNA) -- The forecast for world economic growth in 2023 is revised up slightly to 2.8 percent, but remains unchanged for 2024 at 2.6 percent, the OPEC said on Thursday.
US economic growth in 2023 is revised up to 2 percent, but remains at 0.7 percent for 2024, it said in its montly report.
Eurozone economic growth is revised down in both 2023 and 2024 to stand at 0.5 percent and 0.7 percent, respectively, it added.
The forecast for China remains unchanged at 5.2 percent and 4.8 percent for 2023 and 2024, respectively. Indiaآ’s growth forecast for 2023 is revised up to 6.2 percent, while growth for 2024 remains at 5.9 percent, it said.
Russiaآ’s economic growth forecast for 2023 is revised up to 1.5 percent, while the growth forecast for 2024 remains at 1.0 percent.
The world oil demand growth forecast for 2023 remains unchanged at 2.4 million barrels daily. Downward revisions in the OECD are due to actual data for the first three quarters, while upward revisions in non-OECD in the 2Q23 and 3Q23 are due to higher-than-expected growth, mainly from China.
In the OECD, oil demand in 2023 is expected to rise by around 0.1 million barrels daily, while oil demand in non-OECD is expected to increase slightly to above 2.3 million barrels daily. For 2024, world oil demand is expected to grow by a healthy 2.2 million barrels daily unchanged from the previous monthآ’s assessment, it indicated.
The OECD is expected to grow by about 0.3 million barrels daily in 2024, with OECD Americas contributing the largest increase, according to the report.
World Oil Supply Main drivers of oil supply growth for 2023 include the US, Brazil, Norway, Kazakhstan, Guyana and China.
For 2024, non-OPEC liquids supply is expected to grow by 1.4 millions barrels daily unchanged from the previous monthآ’s assessment. Main drivers for liquids supply growth next year are set to be the US, Canada, Guyana, Brazil, Norway and Kazakhstan.
The largest declines are anticipated in Mexico and Malaysia. OPEC NGLs and non-conventional liquids are forecast to grow by around 50 tb/d in 2023 to average 5.4 million barrels daily and by another 65 tb/d to average 5.5 million barrels daily in 2024, it said.
OPEC-13 crude oil production in September increased by 273 tb/d an average 27.75 million barrels daily, according to available secondary sources.
Demand for OPEC crude in 2023 is revised down by 0.1 millions barrels daily from the previous monthآ’s assessment to stand at 29.1 million barrels daily which is 0.7 million barrel daily higher than in 2022.
Demand for OPEC crude in 2024 is also revised down by 0.1 million barrels daily from the previous monthآ’s assessment to stand at 29.9 million barrels daily, 0.8 million barrels daily higher than the estimated level in 2023. (end) amg.mt.
