A photographer takes pictures of the Khurais oil field during a tour for journalists, 150 km east-northeast of Riyadh, Saudi Arabia, June 28, 2021. (PHOTO / FILE / AP)

VIENNA - The Organization of the Petroleum Exporting Countries on Monday slightly raised its forecast for this year's global oil demand growth, saying the oil market fundamentals remain strong and blaming speculators for the recent drop in crude prices.

In its monthly oil market report for November, OPEC slightly revised upwards its forecast for world oil demand growth in 2023 to 2.46 million barrels per day, up 20,000 bpd from last month's estimate.

The organization cited solid global economic growth trends, China's strong crude imports and a robust physical oil market for the bullish forecast.

On the global economic growth front, and as the US economy continues the very strong growth it experienced in the third quarter of 2023, the IMF (International Monetary Fund) has recently upgraded Chinese economic growth projection for 2023 to 5.4 percent.

The Organization of the Petroleum Exporting Countries

"On the global economic growth front, and as the US economy continues the very strong growth it experienced in the third quarter of 2023, the IMF (International Monetary Fund) has recently upgraded Chinese economic growth projection for 2023 to 5.4 percent," OPEC said in the report.

Noting that China's crude imports remained "very healthy," OPEC said its latest data shows "Chinese crude imports increasing to 11.4 million bpd in October and remaining on track to reach a new annual record high for this year, at around the same level."

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OPEC forecast global oil demand to rise by 2.25 million bpd in 2024, unchanged from last month's assessment. The organization said solid global economic growth, "amid continued improvements in China," is expected to support oil consumption next year.

Oil prices have slid since October amid concerns over economic growth and demand, despite support from output cuts by OPEC and its allies and the recent conflict in the Middle East. Brent Crude has weakened to around $82 a barrel from over $90 a barrel in September.

In Monday's report, OPEC blamed financial market speculators for the recent drop in oil prices, saying the speculators "have sharply reduced their net long positions over the month of October, compared to late September."

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OPEC pledged in the report to join hands with its allies to support oil market stability with a "precautious, proactive and pre-emptive approach."

OPEC and its allies are slated to decide on their production targets at the next ministerial meeting, to be held in Vienna on Nov 26.