(January 18, 2023) According to OPEC estimates in Q1 2023 global demand for crude oil will increase by 1.5 mb/d compared to the same quarter a year ago and amount to 100.9 mb/d. Between September and December 2022 OPEC+ decreased oil production by 0.6 mb/d. Announced in the end of October the 2 mb/d cut in oil production by OPEC+ countries appeared to be more virtual cut as OPEC+ production in October was already lower compared to the new production targets.

In this dashboard Knoema shows the most recent data from the International Energy Agency on crude oil production, production targets and spare capacity in OPEC+ countries to facilitate the analysis of short-term oil market movements.

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