OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, though the producer group warned that the world economy faced rising uncertainty and slower growth in the second half of the year.
Global oil demand this year will rise by 2.35 million barrels per day (bpd), or 2.4%, OPEC said in its monthly report. This was virtually unchanged from the 2.33 million bpd forecast last month.
“There are rising uncertainties regarding economic growth in the second half of 2023 amid ongoing high inflation, already elevated key interest rates and tight labour markets,” OPEC said in its report.
Crude prices, however, have remained under pressure from concern over slowing economic growth and demand.
Published in The Express Tribune, June 14th, 2023.
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