OPEC Maintains Global Growth and Oil Demand Projections in Latest Report

The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report today, confirming its projections for global economic growth at 2.8% for 2023. The organization anticipates an increase to 3% in 2025 and 3.1% in 2026.

OPEC also upheld its forecasts for global oil demand, predicting an increase of 1.3 million barrels per day in 2025, followed by a further rise of 1.4 million barrels per day in 2026.

Additionally, OPEC revised its projections for oil supply growth from non-OPEC countries, raising the estimate to 0.9 million barrels per day in 2025, while maintaining the forecast for 2026 at 0.6 million barrels per day.

Conversely, the demand estimates for oil from the "Declaration of Cooperation" countries were adjusted downward, with forecasts set at 42.4 million barrels per day in 2025 and 43 million barrels per day in 2026.

In terms of actual production, the report noted that OPEC's output rose by 33,000 barrels per day in October, reaching a total of 28.4 million barrels per day. In contrast, production from countries outside OPEC participating in the "Declaration of Cooperation" fell by approximately 106,000 barrels per day, totaling 14.5 million barrels per day.

As a result, the collective production of the "Declaration of Cooperation" countries decreased by about 73,000 barrels per day in October, totaling 41.02 million barrels per day.