The world’s energy market is always in flux, and according to OPEC’s latest monthly report, the global oil demand growth forecast for 2023 remains unchanged at a whopping 2.32 million barrels per day! This is great news for the oil industry, as demand is still growing strong. OPEC also predicts that China’s oil demand will rise by 760,000 bpd, which is an increase from their previous forecast of 710,000 bpd.

However, there are some factors to keep in mind that may impact the demand outlook. OECD inventories have been building up in recent months, resulting in less tight oil product balances than a year ago. Additionally, the demand outlook for OECD Europe is expected to remain challenged, and any economic weakness resulting from rate hikes could weigh on US summer fuel demand.

Despite the recent reopening of China, it has not been enough to reverse the declining trend in global refinery intakes. Nevertheless, OPEC’s oil output fell by 86,000 bpd in March to 28.80 million bpd, indicating that they’re taking steps to maintain a balance between supply and demand.

As for crude oil prices, they showed no immediate reaction to this report. West Texas Intermediate (WTI) was last seen recording small daily losses at approximately $83 per barrel.

If you’re interested in learning more about the oil industry and trading, be sure to check out other blogs from our company, Edge-Forex. We offer insights and analysis on a wide range of topics related to Forex trading and the energy markets. Stay tuned for further developments and stay up to date!