OPEC - MOMR January 2023

The OPEC Monthly Oil Market Report (MOMR) for January 2023 states that the OPEC Reference Basket (ORB) averaged $79.68/b in December, a drop of $10.05 or 11.2% m-o-m. The report also mentions that the global economic growth forecast for 2022 is revised up slightly to 3%, while the 2023 forecast remains unchanged at 2.5%. The world oil demand forecast for 2022 is also unchanged at 2.5 mb/d, and for 2023 at 2.2 mb/d. Non-OPEC liquids supply is estimated to expand by 1.9 mb/d in 2022 and 1.5 mb/d in 2023. The report highlights that there are still many uncertainties surrounding the outlook for oil prices, including global economic developments, shifts in COVID-19 containment policies, and geopolitical tensions.