LONDON: OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.

Oil has weakened to around $82 a barrel for Brent crude from a 2023 high in September near $98. Concern about economic growth and demand has pressured prices, despite support from supply cuts by OPEC and its allies, and conflict in the Middle East.

But the Organization of the Petroleum Exporting Countries in a monthly report said the market was healthy despite “exaggerated negative sentiments”, citing strong Chinese imports, minor downside risks to economic growth and a robust physical oil market.

“Recent data confirms robust major global growth trends and healthy oil market fundamentals,” OPEC said in a feature article at the start of its report.

“Oil prices have trended lower in recent weeks, mainly driven by financial market speculators.” In the report, OPEC nudged up its forecast for world oil demand growth in 2023 to 2.46 million barrels per day (bpd), up 20,000 bpd from the previous forecast. In 2024, OPEC sees demand rising by 2.25 million bpd, unchanged from last month.