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The Organization of Petroleum Exporting Countries (OPEC) recently released its monthly report, where it estimates a growth in world demand for oil of 2,3 million barrels per day in 2023, reaching a record of 101,9 mbd.
The forecast takes into account the increase in demand in countries outside the Organization for Economic Cooperation and Development (OECD), such as China and India, which show significant economic momentum. However, OECD demand has been revised downwards, it will only grow by just over 0,1 mbd compared to last year on average, according to OPEC.
A OPEC points out that the rise in world demand for oil is related to a better-than-expected improvement in China's economic activity after abandoning its Covid-zero policy. Further improvements will be seen in the Middle East, Latin America and other non-OECD European countries.
The report indicates that the OECD's global demand will be related to the anticipated decline in economic activity in the countries of America and Europe belonging to the organization. Despite uncertain prospects, the global oil demand should reach an average of 101,9 mbd in 2023, an all-time high.
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Contextualizing OPEC
A OPEC is an organization composed of 13 countries that own a large percentage of the world's crude oil reserves and are responsible for about 44% of the world oil production. Founded in 1960, the organization aims to coordinate and unify policies related to oil among its members and guarantee fair and stable prices in the market, in addition to protecting its economic interests.
Besides OPEC, there are other important players in the oil market, such as producers who are not members of the organization, exploration companies and oil refineries, which together operate in the global oil market.
Impacts of world oil demand
A world demand for oil it is directly linked to global economic growth and to several factors such as the production and consumption of vehicles, industrial activities, air and maritime transport, among others.
However, exploration and oil use have a great environmental impact and can cause irreversible damage to the ecosystem. In addition, oil prices play an important role in the world economy, and can directly influence inflation and economic stability from different countries.
OPEC has great influence in the oil market and may affect supply and demand for the commodity, as well as prices practiced in the market. The organization has already gone through several moments of tension and internal disagreements, mainly related to the division of the market and the pricing policy. On the other hand, the oil plays a key role in the world economy and is an important factor in the economic development of several countries, especially those that depend on the export of the commodity.
