Global Oil Demand Growth

OPEC maintained its forecast for global oil demand growth in 2023 by 2.4 million barrels, while the organization expected an increase in global oil supplies by 1.5 million barrels in 2023.

In its monthly report, the organization revised its forecasts for global economic growth in 2023 and 2024 to 2.7% and 2.6%, respectively.

Revised Forecasts for Economic Growth

He also revised down his 2023 growth expectations for the US and Russian economies to 1.8% and 0.6%, respectively. At the same time, he maintained his forecast for the growth of the Chinese economy in 2023 at 5.2%.