Report: Demand for OPEC-13 crude oil projected to hit 29.3 mb/d in 2023
In 2023, the requirement for OPEC-13 crude oil is expected to hit 29.3 million barrels per day (mb/d).
As per the monthly oil market report (MOMR) published by the Organization of Petroleum Exporting Countries (OPEC) on Monday, November 14.
The document states that the demand for OPEC-13 crude oil in 2023 will be 29.3 mb/d, marking an increase of approximately 0.7 mb/d compared to 2022, yet it has been adjusted downward from the prior forecast by 0.2 mb/d. The OPEC-13 crude demand for 2022 is lowered from the last MOMR by 0.1 mb/d to 28.6 mb/d, which is about 0.5 mb/d more than in 2021.
The report indicates that Nigeria and Iraq experienced the largest rises in OPEC-13 crude oil production in October 2022, while Saudi Arabia and Angola reported declines.
Moreover, the report highlighte...