The Organization of the Petroleum Exporting Countries ( OPEC ) said in its monthly report on Tuesday that global oil demand will increase by 2.3 million barrels per day in 2023, confirming its forecast last month.

The group of oil exporting countries expected that the bulk of the growth in oil demand would come from non-member countries of the Organization for Economic Cooperation and Development, especially from the Asia-Pacific region, where it is supposed to increase by 2.1 million barrels per day this year, compared to 0. 2 million in the Organization for Economic Co-operation and Development.

Total oil demand is expected to average 101.9 million barrels per day in 2023, a record level.

However, the statement expected a decline in demand???? In the Americas and Europe fell slightly in the first and second quarters, due to uncertain economic outlook.

OPEC said, "Although the growth momentum is expected to continue in 2023, the economy will continue to face challenges," including high inflation, the possibility of "a further interest rate hike," high debt, and "geopolitical uncertainty."

And OPEC expected that "demand in non-members of the Organization for Economic Cooperation and Development will increase due to the improvement in economic activity in China."

The high demand supports the thirst for kerosene and gasoline in this country, which is resuming its economic activity "after abandoning the zero Covid policy."

The forecast for non-OPEC production remains the same as last month and is expected to grow by 1.4 mb/d, driven by the US, Brazil, Norway, Canada, Kazakhstan and Guyan.

The demand for US oil increased due to the sanctions targeting Russian oil. According to preliminary data cited by OPEC, US crude oil exports reached a record 4.3 million barrels per day in February.

"However, significant uncertainties remain about the impact of current geopolitical developments, as well as the potential for US shale oil production in 2023," OPEC said.

Crude production in the 13 OPEC countries increased by 117 thousand barrels per day in February compared to the previous month, reaching 28.92 million barrels per day.