13 October 2022 | Other

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. 

Company MarketCheese
Period: 28.10.2025 Expectation: 450 pips
Selling AUDUSD amid prevailing downtrend
Today at 10:10 AM 29
Period: 28.10.2025 Expectation: 4700 pips
Selling Tesla stock ahead of quarterly earnings release
Today at 08:56 AM 22
Brent sell
Period: 25.10.2025 Expectation: 90 pips
Selling Brent crude as supply swells
Yesterday at 10:23 AM 40
Period: 27.10.2025 Expectation: 3600 pips
Silver is under pressure following its record rally
Yesterday at 10:10 AM 61
Gold sell
Period: 27.10.2025 Expectation: 14600 pips
Gold is correcting following Trump’s softer rhetoric
Yesterday at 08:20 AM 103
Period: 24.10.2025 Expectation: 1600 pips
GBPUSD is poised to retest 1.34800
17 October 2025 83
Go to forecasts