OPEC slightly upgrades 2023 oil demand growth forecast

Logo of OPEC

OPEC marginally revised its 2023 oil demand growth forecast upward to 2.5 million barrels per day (bpd), seeing demand rising by 2.2 million bpd in the year after, unchanged from last month.

The group’s crude production increased by 80,000 bpd month-on-month (MoM) to 27.9 million bpd in October, led by Iran, Angola and Nigeria, according to its Monthly Oil Market Report issued today, Nov. 13.

“Recent data confirm robust major global growth trends and healthy oil market fundamentals,” the report read, adding that “despite the overblown negative sentiment” towards oil demand in China, the country’s crude oil imports are still at very healthy levels.

Further, OPEC said the recent fall in oil prices was “mainly driven by financial market speculators.”