The Organization of the Petroleum Exporting Countries (OPEC) in its new monthly report revised upwards global oil demand for 2023. The forecast is based on market activity in January 2023.
OPEC forecasts oil demand to increase by 2.32 mb/d in 2023 to reach 101.87 mb/d, with some minor upward adjustments due to an expected improvement in China's performance following the reopening of the economy due to restrictions associated with COVID-19.
The price forecast report was prepared by OilPrice, one of the most popular news sites on oil and gas, alternative energy and geopolitics. The average oil price forecast until 2027 was $90.
The forecast is based on the results of surveys of 1000 energy professionals. The average of all Brent oil price predictions in 2023 is $87, with half of the professionals surveyed seeing the average price in the $80 to $95 range.
