OPEC raises 2023 oil demand growth view

OPEC raised its forecast for global oil demand growth for 2023, projecting only a slight slowdown next year, with China and India continuing to drive increased fuel use.

In its monthly report issued today, July 13, the group expected global oil demand to rise by 2.44 million barrels per day (bpd) in 2023, against its previous estimate of 90,000 bpd.

It also anticipated a subsequent slowdown in growth to 2.25 million barrels per day (bpd) in the year after.

OPEC+’s proactive approach and production restrictions added significant stability to the global oil market, the report explained.

It also showed that OPEC's oil production gained 91,000 bpd to 28.19 million bpd in June, led by Iran and Iraq.

Source:Argaam