OPEC Says World Oil Demand To Rise By 2.35M BPD In 2023, Says China's Oil Demand To Rise By 840,000 Bpd In 2023 Up From 800,000 BPD Prev. Forecast; Leaves 2023 World Economic Growth Forecast At 2.6%
Portfolio Pulse from Benzinga Newsdesk
OPEC forecasts world oil demand to increase by 2.35 million BPD in 2023, with China's oil demand rising by 840,000 BPD, up from the previous forecast of 800,000 BPD. The 2023 world economic growth forecast remains at 2.6%.
June 13, 2023 | 11:22 am
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POSITIVE IMPACT
OPEC's forecast of increased oil demand in 2023 may positively impact the United States Oil Fund (USO) in the short term.
OPEC's forecast of a 2.35 million BPD increase in world oil demand in 2023, including China's demand rising by 840,000 BPD, indicates a positive outlook for the oil market. As USO is an ETF that tracks the performance of oil, this news is likely to have a positive short-term impact on its price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80