Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+.
OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 13.
Top officials from OPEC countries at a conference this week such as Amin Nasser, chief executive of state-owned oil producer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices.
China alone between 2019 and 2023, 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand," he said.
OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.
Persons:
Amin Nasser, Ahmad Ghaddar, David Evans
Organizations:
Saudi Arabian Oil, OPEC, International Energy Agency, IEA, Saudi Aramco, Thomson
Locations:
VIENNA, OPEC, Saudi, Asia, China, India