OPEC: global oil demand will grow

April 15, 2023 | 18:41 |8454

In its monthly report, the Organization of Petroleum Exporting Countries (OPEC) maintained its forecast of global oil demand growth. According to the document, the demand for black gold will grow by 2.32 million barrels per day.

OPEC said demand could suffer from any economic weakness due to higher interest rates.

"It should be noted that potential problems for global economic development include high inflation, tightening monetary policy, stability of financial markets and high levels of sovereign, corporate and private debt," the report says.

Earlier this month, Saudi Arabia and other oil producers that are members of OPEC+ announced production cuts of about 1.16 million barrels per day, which caused an immediate rise in prices.

ORIENT news