OPEC message With this, and despite the overblown negative sentiment in the market regarding China’s oil demand performance, and global oil market in general, the latest data shows Chinese crude imports increasing to 11.4 mb/d in October, and remaining on track to reach a new annual record high for this year, at around the same level.”
The cartel revised its forecast for oil demand growth for 2023 slightly higher by 20,000 barrels per day (bpd) from last month’s estimate, and now sees global oil demand growing by 2.5 million bpd this year, thanks to upward revisions to China’s oil demand in the second half. For 2024, world oil demand is expected to grow by a healthy 2.2 million bpd, unchanged from the previous month’s assessment, OPEC said.