OPEC MOMR (Oct): World oil demand growth forecasts revised down for 2022 and 2023 | Forexlive
OPEC MOMR (Oct): World oil demand growth forecasts revised down for 2022 and 2023 by 500k BPD and 400k BPD respectively
OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation .
Oil demand will increase by 2.64 million barrels per day (bpd) or 2.7% in 2022, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report, down 460,000 bpd from the previous forecast.
The lower demand outlook gives additional context for last week’s move by OPEC and its allies, known as OPEC+, to make their largest cut in output since 2020 to support the market. The United States criticized the decision.
Reminder: this is stale data/commentary, not only because of the OPEC meeting last week, but more importantly, any and every Oil desk worth their salt has had this report on their desk since the early hours