“OPEC Raises Forecast for Global Oil Demand in 2023”

OPEC raised its forecast for global oil demand for 2023, citing China’s easing of coronavirus-related restrictions, indicating a resumption of economic activity.

OPEC said in its monthly report today, Tuesday, that global oil demand will rise by 2.32 million barrels per day, or 2.3%, up 100,000 barrels per day more than expected in the previous month.

The key to oil demand growth in 2023 will be the restart of China’s economy after the lifting of restrictions on movement and its impact on the country, region and the world, the report says.

OPEC expects Chinese demand to rise by 590,000 bpd in 2023, compared to last month’s forecast of 510,000 bpd.

However, the organization indicated that the forecasts are subject to uncertainty due to the effects of the Corona virus, ongoing geopolitical tensions and developments in the global economy.

Source: agencies