OPEC Slashes 2022 Oil Demand Growth Forecast By 480,000 Bpd

OPEC slashed on Tuesday its oil demand growth estimate for 2022 by nearly 500,000 barrels per day (bpd) on the back of lower expected global economic growth with the Russian war in Ukraine and the return of COVID lockdowns in China. In its closely watched Monthly Oil Market Report (MOMR), the cartel now sees global oil demand growth this year at 3.67 million bpd, down by 480,000 bpd from last month’s growth estimate of 4.15 million bpd, mostly to reflect OPEC’s downward revision to economic growth expectations.   Total oil demand…