OPEC lowered its global oil demand growth forecast again this year and next.

OPEC lowered its global oil demand growth forecast again this year and next

According to the report of Oil Price Network on November 14th, due to the great uncertainty of the global economy in the coming months, OPEC lowered its forecast for the growth of global oil demand this year and next again on Monday. This is the fifth time since April this year that OPEC has reduced its global oil consumption forecast.

In the Monthly Oil Market Report (MOMR) released on Monday, OPEC said that due to the economic challenges facing Europe, OPEC lowered its forecast of global daily oil demand growth in 2022 and 2023 by 100,000 barrels respectively from last month's estimate.

The report said that the major uncertainty of the global economy, coupled with the fear of the global economic recession, led to the risk of a decline in global oil demand growth.

At the beginning of October, a week after OPEC announced its goal of cutting the overall crude oil production by 2 million barrels per day, it drastically lowered its forecast for the growth of global oil demand in 2022 and 2023.

Now, these estimates are further lowered by 100,000 barrels per day. At present, OPEC expects that global oil demand will increase by 2.5 million barrels per day in 2022, after OPEC lowered its forecast of global oil demand growth by nearly 400,000 barrels per day in the fourth quarter.

OPEC said that it expects the global oil demand to reach 99.6 million barrels per day on average this year. Under the background of the recovery of gasoline and diesel demand, the developed economies in America, led by the United States, have the highest demand growth. OPEC added that it is expected that light distillate oil will also support the growth of global oil demand this year.

OPEC currently expects that the global oil demand will increase by 2.2 million barrels per day in 2023, 100,000 barrels less than the expected day reported in October.