OPEC has revised down its forecast for rising oil demand this year for the second month in a row, citing the impact of the war in Ukraine, the inflation rally and the spread of the coronavirus in China, according to Reuters.
In its monthly market report released today, OPEC says demand will increase by 3.36 million barrels per day in 2022, down 310,000 barrels per day from its previous forecast.
The war in Ukraine pushed oil prices above $ 139 a barrel in March, the highest level since 2008, intensifying inflationary pressures. At the same time, lockdowns in China to curb coronavirus transmission are hurting economic activity and energy demand.
“Demand in 2022 is expected to be affected by geopolitical developments in Eastern Europe, but also by constraints on the COVID-19 pandemic,” OPEC said in its analysis.
Source: Capital
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