OPEC forecasting a big increase in oil demand - May 11
Posted: Thu May 11, 2023 6:43 pm
OPEC: World Oil Demand To Rise By 2.33 Million Bpd In 2023
By Alex Kimani - May 11, 2023, 11:00 AM CDT
OPEC made a very slight change to its annual oil demand forecast this month.
OPEC now sees global oil demand grow by 2.33 million bpd this year.
OPEC: strong growth in the Chinese market of 800,000 b/d is likely to be offset by downside risks elsewhere.
What this means is an increase in demand from 100 million bpd in Q1 to 104 million bpd in Q4. OPEC does not have that much additional supply offline and no other countries are holding back production.
Read article here: https://oilprice.com/Energy/Crude-Oil/OPEC-World-Oil-Demand-To-Rise-By-233-Million-Bpd-In-2023.html
By Alex Kimani - May 11, 2023, 11:00 AM CDT
OPEC made a very slight change to its annual oil demand forecast this month.
OPEC now sees global oil demand grow by 2.33 million bpd this year.
OPEC: strong growth in the Chinese market of 800,000 b/d is likely to be offset by downside risks elsewhere.
What this means is an increase in demand from 100 million bpd in Q1 to 104 million bpd in Q4. OPEC does not have that much additional supply offline and no other countries are holding back production.
Read article here: https://oilprice.com/Energy/Crude-Oil/OPEC-World-Oil-Demand-To-Rise-By-233-Million-Bpd-In-2023.html