Rise in global demand growth forecast is OPEC39;s first in months
Sees higher Chinese demand growth, ups global econ growth view
Raises forecast of 2023 Russian output drop by 50,000 bpd
Says Fed most likely to manage soft landing for U.S. economy

LONDON, Feb 14 Reuters OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China39;s relaxation of COVID19 restrictions, and trimmed supply forecasts for Russia and other nonOPEC producers, pointing to a tighter market.

Global oil demand will rise this year by 2.32 million barrels per day bpd, or 2.3, the Organization of the Petroleum Exporting Countries said on Tuesday in a monthly report.

The projection is 100,000 bpd higher than last month39;s forecast.

A tighter supply and demand balance could support oil prices that have held relatively steady since December and stand at a little less than 86 a barrel. OPEC had kept its 2023 demand growth forecast steady for the past two months after a series of downgrades as the economic outlook worsened.

Key to oil demand growth in 2023 will be the return of China from its mandated mobility restrictions and the effect this will have on the country, the region and the world, OPEC said in the report.

Concern hovers around the depth and pace of the country39;s economic recovery and the consequent impact on oil demand.

OPEC expects Chinese demand to grow by 590,000 bpd in 2023, up from last month39;s forecast of 510,000 bpd….