OPEC July Demand Report
World Oil Demand
World oil demand is expected to grow by 2.4 mb/d in 2023, following an upward revision of about 0.1 mb/d from last month’s assessment, mainly due to higher demand seen in China in 2Q23. OECD Americas is revised up slightly to account for a better-than-expected performance in the US in 2Q23. Similarly, OECD Europe is revised up slightly in 1Q23. In the non-OECD, demand was also revised upward to account for bullish oil demand seen in China in 2Q23 and a slight improvement in Latin America over the same period.