The OPEC estimate for demand for OPEC crude in 2023 is forecast to be 29.26 Mb/d, about 160 kb/d lower than last month’s MOMR estimate. If OPEC can return to the 2022Q3 level of output (29.4 Mb/d) and its demand and supply estimates are accurate, then oil prices may remain subdued in 2023. I think their supply estimates for non-OPEC output may be too optimistic and expect oil prices will rise. If there is a severe recession in 2023 worldwide, oil prices may remain under $80/bo. {chart} {table} OPEC crude output was revised lower in January 2023 by 69 kb/d compared to last month’s report and December 2022 OPEC crude ... (full story)