10.7 C
London
Wednesday, March 22, 2023
HomeOPEC Is "Cautiously Optimistic" About Global Oil Demand In 2023
Array

OPEC Is “Cautiously Optimistic” About Global Oil Demand In 2023

Date:

Related stories

Spark joins Australian offshore wind rush as part of new consortium

Spark Renewables joins forces with Simply Blue Group and Subsea7 to develop floating offshore wind projects in one of Australia's hottest new zones. The post Spark joins Australian offshore wind rush as part of new consortium appeared first on RenewEco...

SCOTUS Overturns Appeals Court Upholding Abortion Without Parental Consent

SCOTUS Overturns Appeals Court Upholding Abortion Without Parental Consent Authored by Matthew Vadum via The Epoch Times (emphasis ours), The Supreme Court threw out a federal appeals court decision on March 20 that upheld the right of a ...

Rent Inflation Approaches Two-Year Low Amid Cooling Market

Rent Inflation Approaches Two-Year Low Amid Cooling Market Federal Reserve Chair Jerome Powell and his entire team should be cognizant of the fact that rents have been declining for many months. Despite this, Powell has been examining lag...

Will TikTok Be Banned In The U.S.? CEO Shou Zi Chew Begs 150 Million American Users For Support Before Facing Congress.

There aren’t many things you can get Republicans and Democrats to agree to, but one is how TikTok data is accessible to the Chinese Communist Party. Yeah, that’s a problem, considering they are our enemy, and the CEO of TikTok is trying to appeal to t...

Batter industry could be worth $27 billion to Australian economy by 2030

The full battery opportunity won't be unlocked however unless Australia puts in the policy and industry legwork first. The post Batter industry could be worth $27 billion to Australian economy by 2030 appeared first on RenewEconomy.
OPEC Is "Cautiously Optimistic" About Global Oil Demand In 2023

Authored by Tsvetana Paraskova via OilPrice.com,

  • OPEC Secretary General Haitham Al-Ghais has said that the group is cautiously optimistic about oil demand as China opens up again.

  • The group believes that a stronger demand outlook for China could offset continued concerns about a global economic slowdown.

  • OPEC has reiterated its willingness to do “whatever it takes” to keep the oil market balanced in 2023.

Signs of cautious optimism about a recovery in economies and oil demand have emerged, OPEC Secretary General Haitham Al-Ghais told Bloomberg Television in an interview on Tuesday.  

The cautious optimism stems from the easing of the Covid curbs in China and the reopening of the Chinese borders earlier this month, according to OPEC’s secretary general.

“We’re seeing signs of green,” Al-Ghais told Bloomberg.

“We are optimistic, but we are cautiously optimistic.”

The Chinese reopening has created some tailwinds for oil prices in recent weeks, although the impact of the easing of the curbs may not be felt immediately in rising oil demand due to the surge in the number of Covid cases after China abandoned its ‘zero Covid’ policy.

China’s oil consumption is expected to jump by 800,000 barrels per day (bpd) this year to a record 16 million bpd, a median estimate of 11 China-focused consultants polled by Bloomberg News showed last week.

Following the initial exit Covid wave after the strictest curbs were lifted, Chinese oil demand is set to rebound from the second quarter onwards, also raising global oil demand for this year, many analysts say.

The more optimistic demand outlook for China offsets to an extent continued concerns about developed economies, where rising interest rates could result in a significant slowdown and even recessions, according to OPEC’s Al-Ghais.

Still, the cartel is determined to do “whatever it takes” to keep the oil market balanced in 2023, OPEC’s secretary general told Bloomberg.

Analysts expect OPEC and the wider OPEC+ group to step up and defend an $80 per barrel floor under oil prices should recessions drag oil further down.

The first OPEC+ meeting for this year is in early February, but some analysts expect that the group will wait to see how much the EU embargo on imports of Russian oil products – effective February 5 – would disrupt the markets before taking any decision on changing the collective oil production targets.  

Tyler Durden Tue, 01/17/2023 - 11:05

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here