Oil Market Booming – OPEC’s Monthly Market Report

Worldwide demand for oil stands to increase by 2.7 million barrels per day in 2023, the Organization of the Petroleum Exporting Countries said in its July report.

"In 2023 expectations for healthy global economic growth amid improvements in geopolitical developments, combined with expected improvements in the containment of Covid-19 in China, are expected to boost consumption of oil," the report reads.

OPEC members overall increased their output, compared to last month, by 234,000 barrels per day amid sky-high gas prices.

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