- OPEC releases “bullish” forecast for oil demand moving into 2023
- Healthy global economic growth, improvements in geopolitical developments and containment of COVID-19 in China contribute to positive projection
- LRDC has leased 37,900 mineral acres in the Western Williston Basin of Montana
Despite a slowing economy and worries of a recession, the oil and gas industry has rebounded strongly throughout 2021, with oil prices reaching their highest levels in six years, a recent Deloitte report noted (https://ibn.fm/aobNZ); OPEC’s recent bullish 2023 forecast indicates that upward trend may continue. That’s good news for Laredo Oil (OTC: LRDC), an oil exploration and production company that is working to start drilling in Montana.
“OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still robust economic growth and progress in containing COVID-19 in China,” reported Reuters (https://ibn.fm/wqA7A). “In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (‘OPEC’) said it expects demand to rise by 2.7 million barrels per day (‘bpd’), or 2.7%, in 2023. It left this year’s growth forecast unchanged at 3.36 million bpd.”
Reuters noted that oil use has “rebounded from the pandemic-induced slump in 2020 and is set to exceed 2019 levels this year. The outlook for 2023 suggests a strain on supplies could persist as growth in non-OPEC output, which has been hit by Russian losses, is expected to lag the rise in demand.” However, Reuters noted that OPEC pointed to “2023 expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China” as factors in its projected positive oil forecast.
Laredo Oil’s primary focus is on acquiring, developing and operating undervalued conventional oil and gas properties. The company is also engaged in the acquisition and development of select mature oil fields that are suitable for its proprietary Enhanced Oil Recovery (“EOR”) methods.
The company leased 37,900 mineral acres in the Western Williston Basin of Montana at favorable prices during the most recent down cycle and continues to take leases in the area.
For more information, visit the company’s website at www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to LRDC are available in the company’s newsroom at https://ibn.fm/LRDC
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