OPEC cuts global oil demand forecast again
According to the updated forecast of the Organization of the Petroleum Exporting Countries (OPEC), world oil consumption in 2022 will increase by 3.36 million barrels per day compared to last year, to 100.29 million barrels per day. In April, OPEC estimated a possible increase in world oil demand at 3.67 million barrels per day, and in March at 4.2 million barrels per day.
OPEC has once again adjusted its oil consumption forecast downwards, as it now expects slower demand growth both in China, India and the US, as well as in European countries. In China, growth in oil consumption is being held back by a new wave of the coronavirus pandemic, and in the United States by inflation. In Europe, oil demand is under pressure from geopolitical factors that could affect the flow of raw materials, according to an OPEC review published on May 12.