(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Jan 17 (KUNA) -- The price of OPEC crude basket fell to USD 79.68 a barrel last December, a decrease of USD 10.05, equivalent to 11.2 percent, said OPEC on Tuesday.
In its monthly report, OPEC stated that the Brent crude price decreased in December 2022 by USD 9.51, to reach USD 81.34 per barrel, and West Texas Intermediate crude down by USD 7.87, to reach USD 76.52 per barrel.
Global economic growth expectations for 2023 remained unchanged at 2.5 percent for the US and the economic growth expectations were revised to reach two percent for 2022 and one percent for 2023, while the Euro growth expectations were revised to reach 3.2 percent. for the year 2022 and 0.4 percent for the year 2023.
Russia's economic growth forecasts for 2022 contracted to 4 percent, followed by a decrease of 0.5 percent in 2023, indicated the report.
Despite expectations of continued economic growth until 2023, the report stated that global economy will continue to face many challenges amid high inflation, bolstering monetary policy by major central banks, and risks associated with COVID-19.
Expectations of global oil demand for 2022 remained unchanged at 2.5 million barrels per day, and the growth of global oil demand for 2023 remains unchanged at 2.2 million barrels per day.
OPEC stated that these expectations are still surrounded by uncertainties, including global economic developments, shifts in policies to contain the emerging Covid-19 and geopolitical tensions.
For the year 2023, the report expected the growth of oil production outside OPEC to remain unchanged at 1.5 million barrels per day, adding that the US, Norway, Brazil, Canada, Kazakhstan and Guyana will be the main drivers of oil supply growth, while declines are expected in Russia and Mexico.
There are great doubts about the impact of geopolitical developments, in addition to expectations of US shale oil production in 2023, noted the report, saying that crude oil production from OPEC rose last December to an average of 28.97 million barrels per day.
Despite the drop in Russian crude oil imports to nearly zero, apart from imports to Turkey, the report predicted that imports of the Organization for Economic Co-operation and Development (OECD) products would be higher, in anticipation of impending sanctions on Russian oil products in February.
Furthermore, the demand for the organization's crudes in 2023 will remain unchanged, to stand at 29.2 million barrels per day, which is higher by 0.6 million barrels per day compared to 2022. (end)
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