The OPEC has raised its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) and now expects its consumption to increase by 2.5 million bpd, to 102.1 million bpd, the organization’s report says. Previously, OPEC expected demand to grow by 2.4 million bpd for three months in a row, XQ reports citing TASS. 

The organization also left unchanged its forecast for 2024, which envisages an increase in oil demand by 2.2 million bpd, to 104.3 million bpd. Next year, as OPEC expects, steady growth in the global economy and the continued improvement in the Chinese economy will contribute to increased demand for oil.

The organization attributes the revision of expectations for this year to higher forecasts for oil consumption in non-OECD countries, primarily in China.

OPEC notes that China's oil imports rose to 11.4 million bpd in October and are" remaining on track to reach a new annual record high for this year."

"In fact, the Chinese crude imports remained very healthy, at a record level that is well above the five-years average range, rising by around 240,000 bpd, month-on-month, with year-on-year crude imports at 1.2 million bpd higher," the report says.

OPEC expects India's oil purchases to rise to a record level in the fourth quarter of this year.