OPEC Affirms Strong Oil Market Amid Negative Sentiment

OPEC has stated that despite negative sentiment and a recent drop in oil prices, the oil market remains strong, attributing the decline to market speculators. OPEC slightly raised its 2023 forecast for global oil demand growth and maintained its relatively high prediction for 2024. The organization cited strong Chinese imports, minor downside risks to economic growth, and a robust physical oil market as indicators of a healthy market. OPEC also noted that Nigeria's oil output, as well as that of the 11 members subject to output limits, remained below their targets.