OPEC maintains expectations of global oil demand growth in 2023

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The Organization of the Petroleum Exporting Countries (OPEC) maintained expectations for oil demand growth in 2023 at the level of 2.2 million barrels per day, at the same previous expectations.

The organization said in its monthly report on Tuesday that it expects the average global demand for oil to reach 101.7 million barrels per day in the current year.

According to the report, the organization lowered demand expectations from the countries of the Organization for Economic Cooperation due to the economic challenges associated with inflation and monetary tightening in 2023.

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OPEC raised expectations of demand from countries outside the organization, supported by the expected increase in demand from China after the abolition of Corona restrictions and the focus on economic growth, which supports the demand for fuel.

It also kept its forecast for demand for OPEC crude in 2023 unchanged from the previous estimate of 29.2 million barrels per day, which is an increase of 0.6 million barrels per day compared to 2022.