ICYMI: OPEC forecasts world oil demand in 2023 will rise by 2.32 mn bpd (this is + 2.3%) | Forexlive

From the Organization of the Petroleum Exporting Countries monthly report released Tuesday Europe/US time.

OPEC projects that world oil demand in 2023 will rise by 2.32 million barrels per day (bpd), or 2.3%.

• unchanged from the report a month ago
• raised China demand growth forecast to 710,000 bpd (January forecast was +590K bpd)
• lowered OECD oil demand outlook by 240K bpd to a still heft 46.2 mn bpd
• “China’s reopening, following the lifting of the strict zero-COVID-19 policy, will add considerable momentum to global economic growth”
• “The rapid rises in interest rates and global debt levels could cause significant negative spill-over effects, and may negatively impact the global growth dynamic”

On output:

• said its crude oil output in February rose by 117,000 bpd to 28.92 million bpd
• said its estimate of the amount of crude OPEC needs to pump in 2023 to balance the market is 29.3 million bpd (down 200,000 bpd)