OPEC leaves oil-demand forecast unchanged

The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for global oil-demand growth unchanged, but noted that the outlook “remains surrounded by uncertainties including global economic developments, shifts in COVID-19 containment policies, and geopolitical tensions.” OPEC said it left its estimate of 2022 demand growth unchanged at 2.5 million barrels a day. The outlook for 2023 was also unchanged at growth of 2.2 million barrels a day. Minor upward adjustments to the 2023 forecast :were made due to the expected better performance in China’s economy on the back of its reopening from COVID-19 restrictions, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand,” the report said. Oil demand is expected to rise by 1.7 million barrels a day year-over-year in the first quarter. Total world oil demand is anticipated to reach 101.8 mb/d in 2023, OPEC said. On the supply front, non-OPEC liquids supply is expected to show growth of 1.9 million barrels a day in 2022, unchanged from the organization’s December assessment. The outlook for supply growth in 2023 was also unchanged at 1.5 million barrels a day.