OPEC insisted on its optimistic view on Tuesday, forecasting “healthy” growth in oil consumption until the end of 2023 and attributing the recent drop in crude prices to “a schizophrenic state” of speculators, fearing a recession and a drop in demand.

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) predicts that global demand will average 100.3 and 102.73 million barrels per day (mbd) this year and next year, respectively.

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