For the 5th time since April, “OPEC” lowers forecast for oil ‎demand in 2022‎

On Monday, OPEC cut its forecast for global oil demand growth in 2022 for the fifth time since April, and also cut the figure for next year, citing mounting economic challenges including rising inflation and increases in interest rates.

According to “Reuters”, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that oil demand in 2022 will reach 2.55 million barrels per day, or 2.6 percent, down 100,000 barrels per day from previous expectations.

“OPEC” expected, in its monthly report issued today, that the growth of oil demand in 2023 will reach 2.2 million barrels per day.

The organization said that the most prominent factors behind reducing its expectations are the “zero Covid” policy applied by China, the global geopolitical situation, and the weak economic activity.

“The global economy has entered a period of increasing uncertainty and challenges in the fourth quarter of 2022,” OPEC added in the report.

The organization said that the oil supply from outside the organization will grow during 2022, by about 1.9 million barrels per day, and 1.5 million barrels per day in 2023.