OPEC predicts an increase in oil demand to 2.25 million barrels per day

The Organization of Petroleum Exporting Countries (OPEC) has adhered to its forecasts for global demand growth for crude oil in 2022 and 2023.

It stated that while the economic slowdown is quite evident, a potential upside is the easing of China‘s “zero Covid” policy to combat Coronavirus.

“OPEC,” said in a monthly report, “The demand for oil in 2023 will rise by 2.25 million barrels per day, or about 2.3%, after a growth of 2.55 million barrels per day in 2022.”

OPEC now sees a neatly balanced market in the first quarter of 2023, rather than the deficit it forecast a month ago.

The group’s latest figures come on the heels of an 11% drop in crude oil prices last week, amid concerns about poor fuel consumption.

OPEC’s research department said. “With the year 2022 drawing to a close, the recent slowdown in global economic growth, with all its far-reaching ramifications, has become abundantly clear.”

It added that 2023 is expected to remain surrounded by many uncertainties, which require vigilance and caution.