Opec expects global oil demand next year to rise to levels the cartel would struggle to meet, in the latest indication that big producers are not expecting the supply crunch to ease any time soon.
The amount of oil the producer group is required to pump to meet global demand, also known as the “call on Opec crude”, could rise to as much as 32mn barrels per day by the end of next year, according to the group’s latest forecast published on Tuesday.
That is close to or greater than most estimates of the group’s maximum production capacity, raising concerns of a global supply deficit in 2023 if oil demand grows as the group expects. “The call on Opec crude is simply showing how big the imbalance is going to be next year,” said Amrita Sen, chief oil analyst at consultants Energy Aspects.