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Shutterstock OPEC predicts global oil demand will rise 2.5% in the second and third quarters of 2023 from a year ago. China’s reopening will drive much of the increase. US prices already have neared the government’s summer peak prediction. Global oil demand will probably intensify this summer, OPEC said Thursday, as the U.S. vacation season heats up alongside increased demand in Asia. In its summer oil market outlook, OPEC said global demand will likely rise 2.5% in this year’s second and third quarters compared with the same periods a year ago. That’s up from an estimated 2.1% year-to-year increase in this year’s first quarter, when OPEC estimated global demand averaged 101.6 million barrels a day. By the third quarter, OPEC estimates that figure will increase by another 480,000 barrels a day, surpassing 102 million.1 What that means for gasoline prices remains unclear. U.S. prices already have surged in recent weeks. Meanwhile, refineries in many parts of the world have capacity limitations, even as U.S. refineries ramp up normal summer production. Summer Driving in the U.S. OPEC said a rebound in China’s economy after the easing of pandemic restrictions and solid demand throughout the Middle East and Asia should help […]
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