The United States Energy Information Administration (EIA) has increased its global oil demand growth forecast for 2023 by 50,000 barrels per day (bpd) to 1.05 million bpd, resulting in total demand of 100.48 million bpd.
In addition, the total oil demand outlook for 2024 was estimated at 102.2 million bpd, primarily driven by consumption in India and China, marking an increase of 1.73 million bpd year-on-year.
The largest source of non-OPEC production growth over the forecast period is the America, which contributes 40 per cent of growth in 2023 and 60 per cent of growth in 2024. “We forecast that Russia’s petroleum and other liquid fuels production will decline to 9.5 million b/d in 2023, from 10.9 million b/d in 2022, and then average 9.4 million b/d in 2024. The extent to which European Union sanctions, other sanctions, and the G7 price cap will affect Russia’s crude oil and petroleum product exports and production remains uncertain.
Following the America Department of the Treasury issuing General License 41 at the end of November, Chevron is resuming oil production in Venezuela for export to the America.
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