Opec cuts its forecast for global oil demand growth

The Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for world oil demand growth in 2022 for the fourth time since April and cut its forecast for next year, Irish national Radio reported on Oct 13. Demand is expected to increase by 2.64 million barrels a day, or 2.7 percent, in 2022, down 460,000 barrels a day from the previous forecast. Oil demand in 2023 is expected to increase by 2.34 million BPD to 102.02 million BPD, down 360,000 BPD from the previous forecast, with demand in 2023 exceeding the 2019 pre-pandemic level.

Noting that the world economy is entering a period of heightened uncertainty and challenges, OPEC cut its forecast for global growth in 2022 to 2.7 percent from 3.1 percent and 2.5 percent for next year, adding that the global economy is likely to weaken further.