Global energy demand shows no signs of a decline and is projected to remain robust in the foreseeable future. OPEC, the alliance of oil-producing countries, has confirmed its August forecast for oil demand growth in 2023 and 2024. The monthly report outlines that in 2023, demand will increase by 2.4 million barrels per day to 102.1 million, while in 2024, it will add another 2.2 million barrels per day to reach 104.3 million. At the moment, the pace of oil consumption growth significantly outpaces production, thus keeping crude prices at elevated levels. According to OPEC, this tendency will persist in the near future. Non-OPEC countries are expected to see a supply surge of 1.6 million barrels per day by the end of this year and another increase of 1.4 million barrels per day in the year ahead. In 2024, oil production in non-OPEC nations is set to reach 68.8 million barrels per day. The United States, Canada, Guyana, Brazil, Norway, and Kazakhstan will be the primary drivers of crude supply growth next year. At the same time, global crude inventories could fall by 3.3 million barrels per day in the final quarter of 2023, marking a record decline since 2007. This scenario will be possible if Saudi Arabia, one of the largest oil producers, extends its output cuts.
