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OPEC Raises Chinese Oil Demand Growth To 710kbpd This Year

OIL

OPEC forecasts Chinese oil demand to grow by 710kbpd this year, up from last month’s forecast of 590kbpd according to OPEC’s Monthly Oil Market Report.

  • The overall oil demand growth forecast for this year remains at 2.3mbpd, because of lower OECD demand.
  • "China's reopening, following the lifting of the strict zero-COVID-19 policy, will add considerable momentum to global economic growth," OPEC said in the report.

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