LONDON — 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…
Oil demand will increase by 2.64 million barrels per day or 2.7% in 2022, the Organization of the Petroleum Exporting Countries said in a monthly report, down 460,000 bpd from the previous forecast.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.
Next year, OPEC sees oil demand rising by 2.34 million bpd, 360,000 bpd less than previously forecast, to 102.02 million bpd. OPEC still expects demand in 2023 to exceed the pre-pandemic rate of 2019. Oil prices, which have been weakening in response to fears about the economy, turned lower after the report was released, trading below $94 a barrel.OPEC+ has for most of this year been ramping up oil output to unwind record cuts put in place in 2020 after the pandemic slashed demand.Article content
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