2023-06-13 16:50:01
The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth for 2023, despite “uncertainties” over economic growth, according to the cartel’s latest monthly report released on Tuesday.
For the current year, oil demand will remain “unchanged”, reaching 101.91 million barrels per day, according to the latest assessment from OPEC, which revises its forecasts every month.
OPEC is still anticipating an increase of 2.3 million barrels per day compared to 2022, mainly driven by non-OECD countries.
However, “there are growing uncertainties regarding economic growth in the second half in a context of persistently high inflation, already high key interest rates and a tight labor market”, underlines OPEC.
Oil prices have fallen in recent months, to the point that oil-exporting countries and their allies (OPEC+), counting a total of 23 countries, have recently intervened by reducing their production in an attempt to support them.
The production cuts introduced since the beginning of May by nine countries – including Riyadh, Moscow, Baghdad and Dubai – for a total of 1.6 million barrels daily, have been extended until the end of 2024.
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