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7/12, 1:10 PM (Source: TeleTrader)
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OPEC keeps oil demand outlook unchanged at 3.4M bpd

The Organization of the Petroleum Exporting Countries (OPEC) kept its global oil demand forecast unchanged at 3.4 million barrels per day (bpd) in its monthly oil market report for July published on Tuesday.

Total oil demand is projected to average 100.3 million bpd, with the demand outlook for the second half of the year uncertain due to the resurgence of COVID-19 across China and the war in Ukraine. "In terms of fuels, gasoline and diesel are expected to lead oil demand growth in 2023, on increasing mobility in major consuming countries," the OPEC noted.

On the other hand, non-OPEC liquids supply growth in 2022 remained broadly unchanged, the organization concluded, adding that production in Russia is expected to decline. For 2023, world oil demand growth is expected to reach 2.7 million bpd to average 103 million bpd, supported by economic recovery in major consuming countries, improved geopolitical situation, and containment of coronavirus in China.

Baha Breaking News (BBN) / ND