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OPEC cuts forecast for global oil demand growth this year

2022-05-12T16:25:37.162Z

Vienna, SANA- The Organization of the Petroleum Exporting Countries (OPEC) today lowered its forecast for global demand growth for the current year to



Vienna-Sana

The Organization of the Petroleum Exporting Countries today lowered its forecast for global demand growth for the current year to 3.36 million barrels per day, under pressure from the repercussions of the Ukrainian crisis and high levels of inflation.

The organization indicated in its monthly report that the global demand growth forecast for the current year is down by 310,000 barrels per day from the expectations of the previous month, to record an average of 100.29 million barrels per day.

The report expected global consumption to exceed 100 million barrels per day in the third quarter of this year.

And the organization reduced the expectations of oil production growth in 2022 from producers outside the organization by 300,000 barrels to 2.4 million, to reach an average of 65.97 million barrels per day.

OPEC increased its estimates for the growth of oil demand during the past year by about 5.74 million barrels per day, and the total global demand for oil reached 96.92 million barrels per day in 2021.

OPEC also lowered its forecast for global economic growth in 2022 to 3.5 percent from 3.9 percent previously forecast.

According to the report, the organization's production rose by 153,000 barrels per day on a monthly basis last April to 28.65 million barrels per day.

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Source: sena

All business articles on 2022-05-12

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