That’s according to the cartel’s monthly report released Monday. They lowered their estimates by 0.1 million barrels (159 liters each). The forecast for next year was also reduced by 0.1 million barrels to 2.2 million barrels per day.
OPEC justified the forecast drop by “significant uncertainty about the global economy accompanied by fears of a global recession”. China’s zero-Covid policy has also added to the uncertainty.
As the monthly report further demonstrates, OPEC expects global crude oil demand to reach 101.3 million barrels per day by the end of this year. In this case, demand should rise to 103.4 million barrels per day by the end of 2023.
The broader production alliance OPEC+, in which OPEC members collaborate with other producing countries such as Russia, has decided to reduce the recently agreed-upon production volume by a total of two million barrels per day from November. The measure aims to support oil prices.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
