{"id":34492,"date":"2022-07-12T23:25:55","date_gmt":"2022-07-12T23:25:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=34492"},"modified":"2022-07-12T23:25:55","modified_gmt":"2022-07-12T23:25:55","slug":"opec-not-expecting-oil-market-conditions-to-ease-into-2023","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/07\/12\/opec-not-expecting-oil-market-conditions-to-ease-into-2023\/","title":{"rendered":"OPEC not expecting oil market conditions to ease into 2023\u00a0"},"content":{"rendered":"
\n

OPEC expects conditions in the oil market to remain tight into the coming year, with demand rising faster than supply, according to a report from the cartel\u2019s research department released in Vienna on Tuesday.<\/span><\/p>\n<\/header>\n

\n
\n

It said in its initial report on the oil market for 2023 that growth in demand would exceed growth in supply by a million barrels.<\/p>\n

At the end of July, OPEC+, which includes non-OPEC producers, significantly Russia, announced an increase in output by 648,000 barrels per day.<\/p>\n

Following a rapid rise in oil prices in response to the Russian invasion of Ukraine<\/a>, OPEC+ came under pressure to increase output.<\/p>\n

Analysts, however, believe that certain members of the cartel are not meeting the targets set.<\/p>\n

According to OPEC estimates, global demand for crude will rise by 2.7 million barrels per day, supported by economic growth in emerging markets.<\/p>\n

Balancing supply and demand would require the cartel to produce an average of 30.1 million barrels per day, whereas analysts put OPEC output in June at just 28.7 million barrels.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC expects conditions in the oil market to remain tight into the coming year, with demand rising faster than supply, according to a report from the cartel\u2019s research department released in Vienna on Tuesday. 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