World oil demand growth estimate for 2023 unchanged at 2.4mb/d

World oil demand growth estimate for 2023 unchanged at 2.4mb/d

Muscat: World oil demand growth estimate for 2023 was kept unchanged at 2. 4 million barrels per day (mb/d) with aggregate demand expected to reach 102. 06 million barrels per day, according to a new report. However, downward adjustments were made to demand data mainly for the Organisation for Economic Co-operation and Development (OECD) region (OECD Americas, Other Asia and Africa) for the first three quarters of the year that was offset by upward revision to Q2-2023 and Q3-2023 demand data for the non-OECD region, especially China. Demand growth estimates for 2024 were also kept unchanged at 2. 2 mb/d and total demand is expected to reach 104. 31 mb/d led by expected healthy growth in the global economy coupled with continued improvements in China, Kamco Invest said in its latest report. Near term expectations for the US showed healthy economic growth as the labour market remains tight resulting in strong support for private household consumption with sustained robust disposable income levels. Air travel activity is expected to remain healthy in Q4-2023 driving demand for jet fuel, while gasoline demand is expected to be hit by a drop in driving activity owing to the winter season. Weak manufacturing activity is