In making its decision, OPEC cited signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation
OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.
“The ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility,” OPEC said in the report. “Pre-COVID-19 levels of total global oil demand will be surpassed in 2023.” OPEC held its forecast for world economic growth this year at 2.7 per cent and kept next year’s figure at 2.6 per cent citing a resilient first half and a steady global growth trend that had continued into the third quarter.
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