The cartel also flagged up uncertainties around global economic growth and the outlook for Russian oil production. The forecast for global oil demand growth has been left unchanged at 2.22mn b/d for this year. While the group’s latest Monthly Oil Market Report notes a “better performance in China’s economy on the back of its reopening from Covid-19 restrictions”, it nudged down its Chinese oil demand growth forecast by 20,000 b/d from the previous report to 510,000 b/d.
Nigeria’s crude oil production rose by 91,000 bpd in December to 1.267 million bpd, with production also rising in Angola , Iran , Libya , Saudi Arabia , and Venezuela . While Saudi Arabia’s production based on secondary sources increased in December 2022 at 10.478 million bpd, direct reported figures by Saudi Arabia show a production loss of 32,000 bpd, to 10.435 million bpd.
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