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OPEC maintains its growth forecast for world oil demand for 2022 at 3.36 million barrels

In its monthly report published on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) kept its global oil demand growth forecast for 2022 unchanged at 3.36 million barrels per day (bpd), Reuters reported. The organization forecasts that world oil demand will grow by 2.7 million bpd in 2023. Regarding world economic growth in 2023, they estimate that it will be 3.2% and they kept the 2022 vision unchanged at 3.5%. They stated that the risks continue to fall.

OPEC expects non-OPEC oil supply to increase by 1.7 million bpd in 2023, led by the US. OPEC oil production increased by 234,000 bpd to 28.72 million bpd in June. World demand for OPEC crude is forecast at 30.1 million bpd in 2023, an increase of 900,000 bpd from 2022.

Crude oil prices continued to fall after this report and the barrel of West Texas Intermediate (WTI) was trading at $99.40, which represents a drop of more than 4%.

Source: Fx Street

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