OPEC maintains global oil demand outlook for 2023 steady

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The Organization of the Petroleum Exporting Countries (OPEC) maintained global oil demand forecast for 2023 steady as the potential Chinese growth will be offset by downside economic risks elsewhere such as the US debt ceiling.

World oil demand in 2023 will likely rise by nearly 2.33 million barrels per day (bpd), almost unchanged from 2.32 million bpd forecast last month, OPEC said in a monthly report. 

“Minor upward adjustments were made due to the better-than-expected performance in China's economy, while other regions are expected to see slight declines due to economic challenges,” OPEC said in the report.

Chinese oil demand is expected to rise by 800,000 bpd in 2023, up from the 760,000-bpd forecast, OPEC added.

In addition, the US debt ceiling issue has so far not been resolved, a matter that could have economic consequences, the organization noted.

It added that its April output fell by 191,000 bpd to 28.60 million bpd compared with the previous month.