RIYADH: The Organization of the Petroleum Exporting Countries on Thursday further raised its forecast for China’s oil demand growth in 2023 following the relaxation of the country’s COVID-19 curbs.
The oil producers’ alliance, however, left the global total steady citing potential downside risks for growth in other regions.
“Minor upward adjustments were made due to the better-than-expected performance in China’s economy, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand,” OPEC said in the report.
World oil demand in 2023 will rise by 2.33 million barrels per day, or 2.3 percent, the organization said in its monthly report. This was virtually unchanged from 2.32 million bpd forecast last month.
“As further debt-related challenges may arise, geopolitical uncertainties persist and inflation continues. In addition, the US debt ceiling issue has so far not been resolved, a matter that could have economic consequences,” OPEC said.
