February 23, 2024

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OPEC holds 2023 oil demand view regular, warns on financial outlook

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This was nearly unchanged from 2.33 million bpd forecast final month.

“There are rising uncertainties concerning financial progress within the second half of 2023 amid ongoing excessive inflation, already elevated key rates of interest and tight labour markets,” OPEC stated within the report.

“Furthermore, it’s nonetheless unclear as to how and when the geopolitical battle in Jap Europe could be resolved,” it stated, referring to Ukraine.

OPEC+, which contains OPEC, Russia and different allies, has been taking extra steps to assist the oil market in 2023.

On June 4 it introduced its second bundle of output cuts since April. Crude costs, nonetheless, have remained below stress from concern over slowing financial progress and demand.

The report confirmed OPEC’s oil manufacturing fell in Might, reflecting the influence of earlier output cuts pledged by OPEC+ in addition to some unplanned outages.

OPEC stated within the report its Might output fell by 464,000 bpd to twenty-eight.06 million bpd as voluntary cuts, promised by Saudi Arabia and different members, took impact.

Final 12 months, with costs weakening, OPEC+ agreed to a 2 million bpd minimize in its output goal from November in its largest discount because the COVID-19 pandemic in 2020.

On April 2, a number of OPEC+ members pledged further voluntary cuts.

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