Declining gross domestic product (GDP) growth in Q4 2022 will add downward pressure to the underlying seasonality of oil demand trends in several countries, playing an important role in oil demand declines this quarter. OECD countries in North America and Europe are expected to witness overall declines in oil demand as winter sets in. In non-OECD regions, both the Middle East and Eurasia are also expected to witness declines. Nevertheless, both Africa and Asia will counteract these declines, bringing overall demand growth to over 510,000 barrels per day (Kb/d).
