The OPEC+ agreed to a small output increase of 100,000 barrels per day, defying the United States’ hopes of a bigger boost in oil supply.
OPEC expects oil demand to rise by 2.7 million barrels per day or 2.7% in 2023. This outlook is based upon the expectations of healthy global economic growth and improvements in the containment situation in China. And the supply forecast suggests that markets could remain tight, which could keep oil prices elevated.
