OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years.
World oil demand in 2023 will rise by 2.25 million barrels per day , or about 2.3%, the Organization of the Petroleum Exporting Countries said in a monthly report. The forecast was steady from November, after a series of"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," OPEC said in the report.
Chinese demand, hit by COVID containment measures, will average 14.79 million bpd in 2022, down 180,000 bpd from 2021, OPEC said. OPEC figures in another publication, the Annual Statistical Bulletin, show it rising in the 2017-2021 period. "Upside potential – or at least counterbalancing factors – may come from the U.S. Federal Reserve successfully managing a soft landing in the United States, as well as from a continued easing of commodity prices and a resolution of the tensions in Eastern Europe," OPEC said.
For November, with prices weakening, OPEC+ agreed to a 2 million bpd reduction in its output target - the largest since the early days of the pandemic in 2020. OPEC's share of the cut is 1.27 million bpd.
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