OPEC Raises 2023 Oil Demand Growth View

Global oil demand will rise this year by 2.32 million barrels per day, OPEC said. Reuters
Global oil demand will rise this year by 2.32 million barrels per day, OPEC said. Reuters
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OPEC Raises 2023 Oil Demand Growth View

Global oil demand will rise this year by 2.32 million barrels per day, OPEC said. Reuters
Global oil demand will rise this year by 2.32 million barrels per day, OPEC said. Reuters

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China's relaxation of COVID-19 restrictions.

Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries said on Tuesday in a monthly report.

The projection is 100,000 bpd higher than last month's forecast.

A tighter supply and demand balance could support oil prices that have held relatively steady since December and stand at a little less than $86 a barrel. OPEC had kept its 2023 demand growth forecast steady for the past two months after a series of downgrades as the economic outlook worsened.

"Key to oil demand growth in 2023 will be the return of China from its mandated mobility restrictions and the effect this will have on the country, the region and the world," OPEC said in the report, according to Reuters.

"Concern hovers around the depth and pace of the country's economic recovery and the consequent impact on oil demand."

OPEC expects Chinese demand to grow by 590,000 bpd in 2023, up from last month's forecast of 510,000 bpd. China's oil consumption dropped for the first time in years in 2022, held back by its COVID containment measures.

The OPEC report was upbeat on economic prospects, nudging up its 2023 global growth forecast to 2.6% from 2.5%, though it said that a relative slowdown remained evident and cited high inflation and expected further increases to interest rates.

Other upside factors are the likelihood that the US Federal Reserve will manage a soft landing for the US economy and further commodity price weakness, OPEC said, although various potentially negative factors persist.



Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.