OPEC expects Chinese oil demand to grow by 710,000 barrels per day in 2023, up from last month’s forecast of 590,000
OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country’s COVID-19 curbs, although it left the global total steady, citing potential downside risks for world growth.
While faster Chinese demand could support the oil market, crude prices have fallen this week as the collapse of Silicon Valley Bank has sparked fears about a fresh financial crisis. OPEC flagged potential downside risks for the world economy from rising interest rates. “The rapid rises in interest rates and global debt levels could cause significant negative spillover effects, and may negatively impact the global growth dynamic,” OPEC added.
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