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The Group of the Petroleum Exporting International locations (OPEC) on
Monday additional revised down its forecasts for world oil demand in
2022 and 2023, citing financial challenges and geopolitical
uncertainties, Development stories citing Xinhua.
The most recent forecasts have been launched in OPEC’s month-to-month report. The
oil-producer alliance had already made a number of downward revisions
to its demand projections earlier within the yr.
OPEC now expects world oil demand to common 99.6 million
barrels per day (bpd) this yr, down 0.1 million bpd from its
earlier forecast. The alliance attributes the weaker demand
projection to “ongoing geopolitical uncertainties and weaker
financial actions.”
For subsequent yr, OPEC has additionally lower its forecasts for world oil
demand by 0.1 million bpd to 101.8 million bpd, saying it
anticipates that oil demand progress shall be “challenged by
uncertainties associated to financial actions, COVID-19 containment
measures and geopolitical developments.”
Final month, OPEC and its allies, a bunch generally known as OPEC+,
introduced a serious manufacturing lower of two million bpd to bolster oil
costs.
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