OPEC says consumption remains robust despite downside risks
The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for growth in world oil demand unchanged at 3.4 million barrels a day in 2022, with total demand projected to average 100.3 mb/d.
In its monthly report, OPEC said it raised its estimate of first-quarter demand, but cut second-quarter demand due to the"resurgence of COVID-19 in China and ongoing geopolitical uncertainties." For 2023, world oil-demand growth is expected to slow to 2.7 mb/d to average 103.0 mb/d,"supported by a still solid economic performance in major consuming countries, as well as improved geopolitical developments...
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