In its monthly report, the Organization of the Petroleum Exporting Countries says it expects global demand to increase by 2.7 million barrels per day (bpd) in 2023. It leaves unchanged its forecast for this year, at 3.36 million bpd.

"In 2023, the prospect of healthy global economic growth amid an improving geopolitical situation, combined with the expected improvement in the control of COVID-19 in China, should boost oil consumption," the report said. OPEC in its report.

Its forecasts for next year are based on the assumption of no escalation of the conflict in Ukraine and a lesser effect of inflation on economic growth.

OPEC and its allies, including Russia, grouped under the name "OPEC+", are steadily increasing their production after having cut it sharply in 2020. But their pumping has been regularly below targets in recent months, due to the reduction in investments in recent years in certain member countries, and difficulties in the Russian oil sector.

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