An oil facility in the town of Ras Lanuf, northern Libya. (Photo: AFP/VNA)

According to OPEC's most recent monthly oil market report published Tuesday, oil demand will grow by 2.2 million barrels per day (bpd) in 2023,  lower than the estimated increase of 2.5 million bpd in 2022, with some minor upward adjustments due to the expected better performance in China’s economy on the back of its reopening from COVID-19 restrictions.

Other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand.