In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said that it left the global oil demand growth forecast for 2023 unchanged at 2.32 million barrels per day, as reported by Reuters.

Additional takeaways

"China’s oil demand to rise by 760,000 bpd in 2023 (up from 710,000 bpd prev. forecast)."

"In summer oil market outlook, OECD inventories have been building in recent months, oil product balances are less tight than at the same time a year ago."

"Any economic weakness from rate hikes could weigh on US summer fuel demand, demand outlook for OECD europe forecast to remain challenged."

"Recent reopening of China has still not been sufficient to reverse declining trend in global refinery intakes."

"OPEC oil output fell by 86,000 bpd in March to 28.80 million bpd."

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen posting small daily losses at around $83.