OPEC Forecasts Robust Global Oil Demand Growth in 2023.

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OPEC said that it expected robust global oil demand growth in 2023, with potential economic upside from a relaxation of China’s zero-COVID policies, which have pushed the country’s oil consumption into contraction for the first time in years this year.

According to the Organization of the Petroleum Exporting Countries (OPEC), global oil demand will rise by 2.25 million barrels per day (bpd), or about 2.3%, in 2023.

According to Energy Aspects, an annual decline in Chinese demand for gasoline, diesel, and jet fuel would be the first since 2002. In the report, OPEC raised its 2022 economic growth forecast to 2.8% while maintaining its 2023 forecast at 2.5%.

OPEC’s  said its output in November fell by 744,000 bpd from October to 28.83 million bpd, led by top exporter Saudi Arabia and other large producers such as Iraq.


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