OPEC reported "solid" growth in global oil demand in the first quarter

World oil demand grew by a "solid" 2.1 million barrels a day in the first quarter of 2023, OPEC said in its monthly oil market report on Thursday, with growth expected to pick up in the second and third quarters, while tight oil products markets showed signs of easing.

In its latest report, OPEC left its 2023 global demand growth forecast unchanged at 2.3 million barrels per day (BPD), with small cuts to OECD forecasts offset by higher forecasts for non-OECD countries.

The forecast for OPEC crude demand in 2023 was unchanged at 29.3 million BPD.

In the first quarter of 2023, the report said, "global oil demand grew by a solid 2.1 million b/d year-on-year, driven by a strong rebound in Chinese oil demand and strong demand from other non-OECD regions, particularly the Middle East and Asia." OPEC expects year-on-year demand growth of 2.4 million b/d in the second quarter of 2023, 2.5 million b/d in the third quarter and 2.3 million b/d in the fourth quarter.

OPEC estimates the group's crude production fell 86,000 barrels per day (BPD) in March to 28.8 million BPD.