OPEC Reduces Oil Production In 2022 and 2023 as the Economy Sputters.

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As a result of slowing economies, the revival of China’s COVID-19 control measures, and high inflation, OPEC reduced its projection for global oil demand growth in 2022; for the fourth time since April and also decreased its projection for next year.

According to a monthly report from the Organization of the Petroleum Exporting Countries (OPEC), oil demand will rise by 2. 64 million barrels per day (bpd), or 2. 7%, in 2022, down 460,000 bpd from the previous prediction. The demand is still anticipated by OPEC to surpass the pre-pandemic pace of 2019 in 2023.

The Organization of the Petroleum Exporting Countries (OPEC) lowered its projection for global economic growth in 2022 from 3. 1% to 2.7% and indicated there was a chance for more weakening. The study revealed an increase in OPEC production of 146,000 bpd to 29.77 million bpd.

Reuters.

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