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OPEC expects lower demand for oil


OPEC cuts its forecast for global oil demand

The Organization of the Petroleum Exporting Countries expects lower growth in global demand due to the recession in the global economy and the consequences of the coronavirus measures in China. For 2022, experts expect an average increase of 2.5 million barrels per day.

Fears of a global recession are dampening the demand for black gold. (Icon picture)

This came according to the cartel’s monthly report, which was published on Monday. They lowered their forecast by 0.1 million barrels (159 liters each). The forecast for next year was also lowered by 0.1 million barrels to 2.2 million barrels per day.

OPEC justified the expected reduction with “great uncertainty about the global economy, accompanied by fears of a global recession.” China’s non-proliferation policy has also contributed to the uncertainty.