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OPEC Faces a Near-Impossible Production Task in 2023.

  • Periodical
  • Lee, Julian (AUTHOR)
  • Bloomberg.com. 7/14/2022, pN.PAG-N.PAG. 1p.
  • The latest forecasts from the International Energy Agency, the US Energy Information Administration and the Organization of Petroleum Exporting Countries all show global oil demand rising strongly again in 2023, despite growing fears over mounting inflation and weakening economic growth. Combining the demand and non-OPEC supply outlooks, the 13 members of OPEC will need to deliver more than 30 million barrels a day on average in 2023, according to both OPEC and the IEA. (Bloomberg) -- OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. [Extracted from the article]
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