On February 14, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast oil demand world in 2023 following China – the world’s top oil consumer, ended its strict COVID-19 epidemic control policy.
Specifically, OPEC forecast world oil demand will increase by 2.3 million bpd to average 101.87 million bpd this year, 100,000 bpd more than the previous forecast, which had already higher than pre-pandemic levels.
In its monthly market report, OPEC said that the key to oil demand growth in 2023 will be the lifting of mandatory travel restrictions by China and its impact on China, the region region and the world.
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After nearly 3 years of implementing strict epidemic prevention measures, China decided to relax the measures in December 2022.
In the fourth quarter of 2022, world oil demand increased to 101.17 million bpd, higher than 100.79 million bpd in the same period of 2019. Despite the high demand, OPEC and The 10 partners led by Russia (OPEC+) last October agreed to reduce output by 2 million bpd until the end of the year.
Last week, Russia announced it would cut production by 5% from March 2023, following Western countries imposed it ceiling price with respect to the country’s petroleum products in connection with the conflict in Ukraine./.
Hai Yen (VNA/Vietnam+)
