OPEC raises forecast for growth in oil demand in China

LONDON, March 14 (Reuters) – The Organization of the Petroleum Exporting Countries raised its forecast for China’s oil demand growth in 2023 on Tuesday as coronavirus restrictions eased; at the same time, OPEC left its global forecast unchanged, citing potential threats to global economic growth.

According to the monthly OPEC report, global demand for oil in 2023 will increase by 2.32 million barrels per day, which corresponds to 2.3%.

While rising demand in China could support the oil market, oil prices fell this week as the collapse of the Silicon Valley Bank raised fears of a new financial crisis.

OPEC expects China’s oil demand to increase by 710,000 bpd in 2023, more than February’s 590,000 growth forecast.

The report also showed that OPEC oil production rose in February, despite the broader OPEC+ alliance pledged to cut production last year to support the market.

According to an OPEC report, cartel production increased by 117,000 in February. barrels per day to 28.92 million barrels per day.

The original message in English is available at the code: (Alex Lawler)