OPEC further cuts global oil demand forecasts in 2022, 2023, The Organization of the Petroleum Exporting Countries (OPEC) again decreased its predictions for the world’s oil consumption in 2022 and 2023 on Monday, citing geopolitical unpredictability and economic difficulties. The OPEC monthly report included the most recent forecasts. Earlier in the year, the oil-producer alliance had already several times revised downward its demand projections.
OPEC further cuts global oil demand forecasts in 2022, 2023
OPEC has revised its prediction for global oil demand, which is now expected to average 99.6 million barrels per day (bpd) this year. The alliance blames “ongoing geopolitical uncertainty and weakening economic activities” for the poorer demand prediction.
According to OPEC, the growth of oil demand will be “challenged by uncertainties related to economic activities, COVID-19 containment measures, and geopolitical developments” for the upcoming year, which is why it has reduced its predictions for global oil demand by 0.1 million bpd to 101.8 million bpd. To support oil prices, OPEC and its allies, often known as OPEC+, announced a significant output cut of 2 million bpd last month.
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