OPEC lowers forecast for global oil demand this year

Baghdad The Organization of Petroleum Exporting Countries “OPEC” lowered on Thursday, its forecast for global demand for crude during the current year for the second month in a row, attributing the reason to the Russian invasion of Ukraine, the increase in inflation and the spread of the Omicron strain in China.


In its monthly report, the organization stated that global demand for oil will increase by 3.36 million barrels per day in 2022, down by 310,000 barrels of oil per day from previous expectations.


OPEC cut its forecast for global economic growth to 3.5% from 3.9% in 2022.


OPEC left the forecast for global oil demand growth unchanged at 5.7 million barrels per day in 2021, and kept the forecast for non-OPEC supply growth unchanged at 600,000 barrels per day in 2021.


Speaking of the growth in demand for OPEC oil, OPEC raised its expectations for demand growth by 100,000 barrels per day in 2021, and by 200 thousand barrels per day in 2022.


Source: National Iraqi News Agency

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