OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, though the producer group warned that the world economy faced rising uncertainty and slower growth in the second half of the year.
Global oil demand this year will rise by 2.35 million barrels per day , or 2.4%, the Organization of the Petroleum Exporting Countries said in its monthly report. This was virtually unchanged from the 2.33 million bpd forecast last month.
"Moreover, it is still unclear as to how and when the geopolitical conflict in Eastern Europe might be resolved," it added, referring to Ukraine. The Brent crude benchmark added to an earlier gain after the report was released, rising 2.5% gain to trade above $73 a barrel. OPEC left its 2023 global economic growth forecast at 2.6% and said momentum was slowing. A graphic in the report showed that growth could slow to 0.1% quarter on quarter in the final three months of the year.
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