Categories: Economy

World crude oil consumption exceeds OPEC forecasts

OPEC stated this in a reportworld oil consumption is “better than expected” this quarter, with an estimated average of 103.3 million barrels per day (mbd), about 150,000 bd higher than the level forecast a month ago.

Based on this forecast, Organization of Petroleum Exporting Countries (OPEC) revised its full-year forecast up slightly by 20,000 bd (0.02 mbd), which now averages 102.11 mbd, up 2.45% from 2022.

“Global Demand for oil c“continues to show strength and resilience, with better-than-expected growth in the fourth quarter of 2023,” OPEC said in its monthly report on the global “black gold” market.

The biggest contributors to this growth are by far China and India, with annual increases of 7.6% (up to 16 mbd) and 4.5% (5.4 mbd), respectively.

Latin America also posted a solid 3.7% year-on-year increase this year, its oil demand remaining modest, at 6.7 mbd, compared to other regions, the report said.

The price of a barrel up to 87.11 dollars
The price of the benchmark OPEC barrel fell to $87.11 from more than $97 at the end of September.

The evolution of other types of crude oil was similar, such as Brent (reference for Europe) and WTI (United States), which were around 81 and 77 dollars/barrel today, respectively.

“Recent data confirms important strong global growth trends and healthy oil market fundamentals,” the report said.

He points out that “despite excessive negative market sentiment regarding the performance of China’s oil demand and the global market in general, the latest data shows that Chinese crude oil imports rose by 11.4 mbd in October and we are still on track to break a new annual record.”

Crude oil imports from India are also expected to return to an all-time high this quarter, they added.
In addition, he points out his expectation of an increase in “international air traffic activity” which increases the demand for kerosene.

Source: Panama America

Share
Published by
Jason

Recent Posts

Terror suspect Chechen ‘hanged himself’ in Russian custody Egyptian President al-Sisi has been sworn in for a third term

On the same day of the terrorist attack on the Krokus City Hall in Moscow,…

1 year ago

Locals demand tourist tax for Tenerife: “Like a cancer consuming the island”

class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…

1 year ago

Agreement reached: this is how much Tuchel will receive for his departure from Bayern

class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…

1 year ago

Worst earthquake in 25 years in Taiwan +++ Number of deaths increased Is Russia running out of tanks? Now ‘Chinese coffins’ are used

At least seven people have been killed and 57 injured in severe earthquakes in the…

1 year ago

Now the moon should also have its own time (and its own clocks). These 11 photos and videos show just how intense the Taiwan earthquake was

The American space agency NASA would establish a uniform lunar time on behalf of the…

1 year ago

This is how the Swiss experienced the earthquake in Taiwan: “I saw a crack in the wall”

class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…

1 year ago