By Alex Lawler
LONDON, Feb 14 (Reuters) - OPEC has raised its 2023
forecast for global oil demand growth in its first upward
revision for months, citing China's relaxation of COVID-19
restrictions and slightly stronger prospects for the world
economy.
Global oil demand will rise this year by 2.32 million
barrels per day (bpd), or 2.3%, the Organization of the
Petroleum Exporting Countries (OPEC) said on Tuesday in a
monthly report. The projection was 100,000 bpd higher than last
month's forecast.
"Key to oil demand growth in 2023 will be the return of
China from its mandated mobility restrictions and the effect
this will have on the country, the region and the world," OPEC
said in the report.
"Concern hovers around the depth and pace of the country's
economic recovery and the consequent impact on oil demand."
OPEC was upbeat on prospects for the global economy, nudging
up its forecast for 2023 growth. But it also said that a
relative slowdown remained evident, citing high inflation and
expectations of further increases to interest rates.
The report also showed that OPEC's crude oil production fell
in January after the wider OPEC+ alliance pledged output cuts to
support the market. Output declined in Saudi Arabia, Iraq and
Iran, offsetting increases elsewhere.
OPEC said its crude oil output in January fell by 49,000 bpd
to 28.88 million bpd.
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(Reporting by Alex Lawler
Editing by David Goodman)
Messaging: alex.lawler.reuters.com@reuters.net))
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