OPEC lowers global economic and oil demand forecasts

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday slightly revised its global oil demand estimates for 2022 to average 100.03 million barrels per day (bpd), according to OPEC's latest monthly oil market report.

Although the forecast marks a year-on-year rise of 3.1 million bpd, this remains 300,000 bpd behind the levels of last month's forecast.

Pointing to strong economic growth in most consuming countries, OPEC revised up its oil demand forecast for the first quarter of 2022.

However, according to the agency's newly-released 2023 forecast, world oil demand is estimated to reach 102.7 million bpd in 2023, surpassing pre-pandemic levels.

"In 2023, expectations for healthy global economic growth, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil," the report said.

The organization said oil demand in the OECD is estimated to increase by 1.6 million barrels per day, while non-OECD is seen growing by 1.5 million barrels daily.

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