OPEC Increases Forecast for China Oil Demand Growth in 2023

LONDON: The OPEC has increased its 2023 forecast for world oil demand growth in its first upward revision for months.

OPEC

According to Reuters, OPEC cited China’s relaxation of Covid-19 restrictions. OPEC said on Tuesday that oil demand would increase in 2023 by 2.32 million barrels per day. The projection was higher than last month’s forecast.

#OPEC NGLs and non-conventional liquids are forecast to grow by 0.1 mb/d in 2022 to average 5.39 mb/d and in 2023 by 50 tb/d to average 5.44 mb/d. #MOMR pic.twitter.com/i1hpSNbR98

— OPEC (@OPECSecretariat) February 14, 2023

Higher demand can support oil prices that have remained relatively steady since the end of 2022.

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OPEC expects China’s oil demand to grow by 590,000 bpd in the current year. China’s oil consumption dropped in years in 2022 due to Covid-19.