From the Organization of the Petroleum Exporting Countries monthly report released Tuesday Europe/US time.

OPEC projects that world oil demand in 2023 will rise by 2.32 million barrels per day (bpd), or 2.3%.

  • unchanged from the report a month ago
  • raised China demand growth forecast to 710,000 bpd (January forecast was +590K bpd)
  • lowered OECD oil demand outlook by 240K bpd to a still heft 46.2 mn bpd
  • "China's reopening, following the lifting of the strict zero-COVID-19 policy, will add considerable momentum to global economic growth"
  • "The rapid rises in interest rates and global debt levels could cause significant negative spill-over effects, and may negatively impact the global growth dynamic"

On output:

  • said its crude oil output in February rose by 117,000 bpd to 28.92 million bpd
  • said its estimate of the amount of crude OPEC needs to pump in 2023 to balance the market is 29.3 million bpd (down 200,000 bpd)
opec oil 17 February 2023

Oil fell in price overnight