The latest monthly report from the Organization of the Petroleum Exporting Countries revealed the cartel left its forecast of a rise in world oil demand in 2023 unchanged at 2.32 million barrels per day (bpd), or up 2.3%.
The details of the report revealed that OPEC increased its projection for China's oil demand growth this year, citing the easing of the country's coronavirus curbs. The organization now sees the Chinese oil demand to rise by 710,000 bpd in 2023, up from 590,000 bpd projected in the previous month.
The upward revision for China, however, was offset by the downward revisions elsewhere, including the U.S. and Europe, which reflected potential downside risks for the world economy from rapid interest rate hikes.