OPEC Lowers Forecast For Global Oil Demand Growth In 2022 By 0.3Mln Bpd - Report

MOSCOW (UrduPoint News / Sputnik - 12th May, 2022) OPEC downgraded its forecast for the growth of global oil demand in 2022 by 0.3 million barrels per day due to geopolitical factors and a new wave of the coronavirus in China, according to its fresh report published on Thursday.

"World oil demand growth in 2021 remains broadly unchanged from the previous month's assessment at 5.

7 mb/d. World oil demand growth in 2022 is expected to increase by 3.4 mb/d y-o-y, representing a downward revision of 0.3 mb/d from last month's report, with 1.8 mb/d in the OECD and 1.6 mb/d in the non-OECD," the report read.

According to the group, demand is expected to be affected "by ongoing geopolitical developments in Eastern Europe," as well as the COVID-19 pandemic in China.