LONDON: OPEC on Tuesday stuck to its forecasts for global oil demand growth in 2022 and 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-Covid policy.
Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about 2.3 per cent, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report, after growth of 2.55 million bpd in 2022. Both forecasts were unchanged from last month.
“Although global economic uncertainties are high and growth risks in key economies remain tilted to the downside, upside factors that may counterbalance current and upcoming challenges have emerged as well,” it said.
