OPEC Remains Optimistic Amidst Demand Concerns
OPEC remains optimistic about the oil market, stating that recent concerns about demand are exaggerated. The cartel expects Chinese crude imports to reach a new annual record in 2023, and global oil demand to grow by 2.5 million bpd this year. OPEC revised its forecast slightly higher and sees healthy oil demand growth for 2024. Despite recent price drops, OPEC and its members believe that market fundamentals remain strong.