OPEC nudges up 2023 global oil demand forecast

The Organisation of Petroleum Exporting Countries nudged up its global oil demand forecast for 2023 on the back of the improved outlook for the world economy.

In its latest Monthly Oil Market Report, the cartel revised its forecast for world oil demand growth in 2023 by 100,000 barrels a day to 2.3m b/d.

Demand among OECD economies was seen growing by roughly 0.4m b/d and by about a further 2.0m b/d outside that group of countries, OPEC said.

Liquids production growth from outside OPEC meanwhile was now seen growing by 100,000 b/d less than one month before and expected to reach 1.4m b/d.

The US, Norway, Brazil, Canada, Kazhakstan and Guyana were expected to drive the increase.

Production in Mexico and Russia on the other hand was expected to decline.

"Nevertheless, large uncertainties remain over the impact of ongoing geopolitical developments, as well as US shale output in 2023," OPEC added.

Citing 'secondary sources', the cartel pegged OPEC-13 crude oil output in January at 28.88m b/d.

OPEC non-gas liquids and non-conventional liquids were seen increasing by 50,000 b/d to reach 5.44m b/d in 2023.