OPEC Slashes Global Oil Demand Forecast

OPEC slashed on Wednesday its global oil demand growth estimates for both 2022 and 2023, a week after announcing a 2-million-bpd headline cut to its collective oil production target. In its closely-watched Monthly Oil Market Report (MOMR) out today, OPEC revised down its estimate of global oil demand growth for 2022 by 460,000 barrels per day (bpd), citing China’s Covid lockdowns, economic headwinds in developed economies, and inflationary pressures everywhere. OPEC now sees world oil demand growing by 2.6 million bpd this year to average…