# OPEC sees improved Chinese oil demand more than offset by resilient Russian output | S&P Global

> OPEC's monthly outlook kept 2023 global oil demand unchanged at 101.9 million bpd, raising its China demand forecast while cutting its estimate of required OPEC crude. The report noted Russian liquids output is falling less than previously expected.

- Date: 2023-03-14 · published 2023-03-14T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/36772-opec-sees-improved-chinese-oil-demand-more-than-offset-by-resilient-russian
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A lower call on OPEC crude signals a looser balance and more supply from outside the group, which weighs on crude prices and the energy costs tied to feed.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.9% | +5.4% |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| BRENT | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.8% | -6.0% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| BRENT | 2020-01-16 | [IEA sees well-supplied oil market despite slower shale growth \| S&P Global](https://feedsoft.ai/events/54972-iea-sees-well-supplied-oil-market-despite-slower-shale-growth-s-and-p-global.md) | -1.5% | -12.5% |
| WTI | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.3% | +5.4% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| WTI | 2023-10-04 | [Oil settles down more than $5 as US data shows weak demand for gasoline](https://feedsoft.ai/events/7361-oil-settles-down-more-than-5-as-us-data-shows-weak-demand-for-gasoline.md) | -3.7% | -8.8% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/031423-opec-sees-improved-chinese-oil-demand-more-than-offset-by-resilient-russian-output

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.