The Organization of the Petroleum Exporting Countries (OPEC) said today, Tuesday, that “the rapid pace of rising interest rates and global debt levels might cause significant negative repercussions indirectly, and may negatively affect global growth activity.”
OPEC raised once more its forecast for the growth of Chinese oil demand in 2023 due to the easing of restrictions related to Covid-19 in the country, but it kept the forecast for total global demand unchanged, indicating potential risks that would negatively affect global growth.OPEC said in a report. Monthly, global oil demand in 2023 will rise by 2.32 million barrels per day, or 2.3 percent, unchanged from previous expectations.
While an increase in Chinese demand would support the oil market, crude prices fell this week following the collapse of the Silicon Valley bank raised concerns of a new financial crisis. “The end of the closure in China following the lifting of the strict policy to confront Covid-19 will add great impetus to global economic growth,” OPEC said in the report.
OPEC expects China’s oil demand to rise by 710,000 barrels per day (bpd) in 2023 from the 590,000 bpd forecast last month, but kept its forecast for total global demand unchanged due to downward revisions elsewhere. The report also showed that OPEC’s crude production rose in February, despite the OPEC+ group’s commitment last year to production cuts to support the market.
OPEC said that its production of crude oil in February rose by 117 thousand barrels per day to 28.92 million barrels per day.
the Union
On: Wed – Mar 15, 2023
The Organization of the Petroleum Exporting Countries (OPEC) said today, Tuesday, that “the rapid pace of rising interest rates and global debt levels might cause significant negative repercussions indirectly, and may negatively affect global growth activity.”
OPEC raised once more its forecast for the growth of Chinese oil demand in 2023 due to the easing of restrictions related to Covid-19 in the country, but it kept the forecast for total global demand unchanged, indicating potential risks that would negatively affect global growth.OPEC said in a report. Monthly, global oil demand in 2023 will rise by 2.32 million barrels per day, or 2.3 percent, unchanged from previous expectations.
While an increase in Chinese demand would support the oil market, crude prices fell this week following the collapse of the Silicon Valley bank raised concerns of a new financial crisis. “The end of the closure in China following the lifting of the strict policy to confront Covid-19 will add great impetus to global economic growth,” OPEC said in the report.
OPEC expects China’s oil demand to rise by 710,000 barrels per day (bpd) in 2023 from the 590,000 bpd forecast last month, but kept its forecast for total global demand unchanged due to downward revisions elsewhere. The report also showed that OPEC’s crude production rose in February, despite the OPEC+ group’s commitment last year to production cuts to support the market.
OPEC said that its production of crude oil in February rose by 117 thousand barrels per day to 28.92 million barrels per day.
the Union
