OPEC last week stuck to its global demand forecasts for full-year 2022 and next year.

In its monthly market report, the cartel forecast global oil demand growth this year of 2.5 million b/d and growth in 2023 of 2.2 million b/d.

Researchers cited the potential for recently eased pandemic restrictions in China to drive fresh demand there, offsetting expectations for slowing economic activity in the United States and Europe amid rising interest rates and higher borrowing costs.

Still, given the Chinese government’s proven propensity to lock down major cities to stamp out even minor outbreaks of coronavirus as well as multiple pockets of geopolitical tumult, including Russia’s war in Ukraine, the outlook is laced with skepticism.

“The year 2023 is expected to remain...