OPEC sees global oil demand slumping in 2023: Report

14/06/2022 Argaam
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Logo of OPEC

World oil demand growth will weaken next year, as soaring crude and fuel prices drive a further uptick in inflation and act as a drag on the global economy, OPEC delegates and industry sources told Reuters.

 

A delegate from the group and another source explained that global oil demand is set to grow by at least two million barrels per day (bps) in 2023, up 2% versus the projected growth of 3.36 million bps this year.

 

OPEC is expected to release its preliminary 2023 oil demand forecast in its monthly report to be issued on July 12.

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