OPEC predicts that global demand for oil will decline this year

13 Aprel 2022 10:57 | 1 577

Continued military operations in Ukraine and the effects of the coronavirus pandemic will reduce global demand for oil this year.

The forecast was made by OPEC in its report on the situation in world markets, SIA reports quoting AZERTAC. According to the cartel's forecast, the world's daily oil demand will decrease by 400,000 barrels to 100.5 million barrels in 2022.

Along with the geopolitical developments, the spread of the coronavirus "omicron" strain in China will reduce the demand for oil in this country, as well as in a number of countries around the world. OPEC, meanwhile, cut its forecast for crude oil production in Russia to half a million barrels a day to an average of 11.2 million barrels a year.

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