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.