These show daily demand for OPEC’s crude will increase by 390,000 barrels in the first three months of 2023, to an average of 29.31 million, as global consumption picks up. This is considerably above current production levels when the latest cutbacks are factored in. A Bloomberg survey points to output of about 28.8 million barrels a day in November. As a result, OPEC+ could keep production steady and look forward to stockpile draws in the first quarter of roughly 500,000 barrels a day, which may boost prices.
