OPEC further cuts global oil demand forecasts in 2022, 2023
Monday, the Organization of Petroleum Exporting Countries (OPEC) revised downward its projections for global oil demand in 2022 and 2023, citing economic difficulties and geopolitical unpredictability.
Vienna, Austria | BAZZUP | Monday, the Organization of Petroleum Exporting Countries (OPEC) revised downward its projections for global oil demand in 2022 and 2023, citing economic difficulties and geopolitical unpredictability.
The most recent projections were published in the OPEC’s monthly report. Earlier in the year, the oil-producing alliance made multiple downward adjustments to its demand forecasts.
The Organization of the Petroleum Exporting Countries (OPEC) now expects global oil consumption to average 99.6 million barrels per day (bpd) in 2018, a decrease of 0.1 million bpd from its prior prediction. The alliance attributed the reduced demand forecast to “ongoing geopolitical unpredictability and weakening economic activities.”
The Organization of the Petroleum Exporting Countries (OPEC) has reduced its oil demand forecasts for next year by 0.1 million barrels per day (bpd) to 101,8 million barrels per day (bpd), citing “uncertainties related to economic activities, COVID-19 containment measures, and geopolitical developments”
Last month, OPEC and its partners, collectively known as OPEC+, announced a significant production cut of 2 million barrels per day (bpd) to increase oil prices.
