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OPEC lowers global oil demand growth forecast for full year 2022 to 3.1 million bpd

In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it lowered its full-year 2022 demand growth forecast to 3.1 million barrels per day (bpd) from 3.36 million bpd, as reported by Reuters.

Other data of interest

“Global oil demand for 2023 will increase by 2.7 million bpd, unchanged from the previous forecast.”

“The global economic growth forecast for 2022 has been reduced to 3.1% (from 3.5%), the vision for 2023 has been cut to 3.1%, with significant downside risks.”

“Refined product markets in the second half of the year are likely to see seasonal support from transportation fuels, fuel sales could benefit from moderating commodity prices.”

“OPEC oil production increased by 162,000 bpd in July, to 28.84 million bpd.”

Source: Fx Street

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