Opec raises 2023 oil demand forecast as China reopens

OPEC raises world oil demand forecast as China reopens

The Saudi-led oil cartel expects demand to grow by 2.3 million barrels per day to an average of 101.87 million barrels per day this year.

OPEC raises world oil demand forecast as China reopens

The Organization of the Petroleum Exporting Countries (OPEC) raised its world oil demand forecast for 2023 on Tuesday after top consumer China lifted its zero-COVID policy.

Opec raises 2023 oil demand forecast as China reopens

Group says high inflation and geopolitical tensions could weigh on demand

OPEC raises oil demand forecast as markets tighten and China reopens

OPEC has hiked its forecast for global oil demand this year, its first upward revision for months. In its latest monthly report, the cartel predicts oil demand will rise this year by 2.32m barrels per day (bpd), or 2.3 per cent, following China’s relaxation of Zero-Covid restrictions. Meanwhile, slashed supply forecasts for Russia and other non-OPEC producers reflect a tighter oil market. Tighter supply and demand balance could prop up oil price…