OPEC expects lower demand for oil


OPEC has cut its forecast for global oil demand

The oil cartel OPEC expects even less growth in global demand due to the slump in the global economy and the consequences of tough coronavirus measures in China. For 2022, experts expect an average increase of 2.5 million barrels per day.

Fears of a global recession reduce demand for black gold. (icon image)

This is according to the cartel’s monthly report published on Monday. They lowered their forecast by 0.1 million barrels (159 liters each). The forecast for the coming year was also cut by 0.1 million barrels to 2.2 million barrels per day.

OPEC justified the reduction in the forecast due to “significant uncertainty about the global economy accompanied by concerns about a global recession”. China’s zero-Covid policy has also contributed to the uncertainty.

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