OPEC cuts forecasts for oil demand growth in 2022 and 2023

On Wednesday, OPEC lowered its world oil demand growth outlook in 2022. It is the fourth cut in forecast this year since April. OPEC also trimmed its figure for the next year, citing slowing global growth, resurgence of COVID-19 restrictions in China, and high inflation rate.

According to OPEC's report, the global economy has entered a phase of heightened uncertainty and turbulence fueled by ongoing high inflation, monetary tightening by major central banks, high sovereign debt in many regions and supply crisis. 

The 2022 global economic growth forecast was cut by the organization from 3.1% to 2.7%, while trimming the figure for the next year as well to 2.5%. OPEC did not rule out further сuts to the forecast. Representatives of the organization also noted that they might revise up the forecast if fiscal measures in the European Union and China would be taken.