- Sees demand up 2.32m bpd this year, up 100k bpd from last month's report
- Sees non-OPEC supply growing 1.4m bpd vs +1.5m bpd prior
- Says Jan OPEC output fell 49k bpd in January to 28.88m bpd
- World economic growth to 2.6% vs 2.5%
- China's oil demand to rise by 590k in 2023
OPEC said that China's recovery and demand is the wild card. There are some who think it could rise by as much as 2m bpd. Of course, it's in OPEC's interest to sandbag on demand forecasts so they don't face pressure to increase output (with the limited spare capacity they have).
