Opec has nudged up its 2023 global oil demand growth forecast by 100,000 b/d, citing the reopening of China's economy as a key reason. The group has revised down its projection for non-Opec supply growth by the same amount after downgrading its expectations for Russia and the US. World oil demand is now forecast to grow by 2.32mn b/d to 101.87mn b/d this year, according to Opec's latest Monthly Oil Market Report (MOMR). The previous report projected a 2.22mn b/d increase to 101.77mn b/d.
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