OPEC said in a monthly report on Tuesday that it expects global oil demand to rise by 2.7 million barrels per day in 2023
OPEC expects global oil demand to rise in 2023 but at a slower pace than this year, the oil producer group said in a monthly report on Tuesday, citing economic growth and progress in containing COVID-19 in China.
Oil use has rebounded from the pandemic-induced slump in 2020 and is set to exceed 2019 levels this year, despite the impact of the war in Ukraine, soaring prices and inflation and strict Chinese measures to curb COVID infections. OPEC’s demand forecast for 2023, its first, is more optimistic than the International Energy Agency, another closely watched forecaster, as well as initial views from OPEC delegates calling for a steeper slowdown.
OPEC kept this year’s global economic growth forecast at 3.5 per cent and forecast growth of 3.2 per cent in 2023, adding uncertainty was skewed to the downside and upside potential “quite limited”.
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