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OPEC officials have stated, in response to slowing global economic conditions, that it will cut its oil demand outlook by 260,000 b/d from an earlier forecast.  The cartel cited remaining downside risks as a result of A combination of the 40-year high inflation in the United States, war in Ukraine that fuelled an energy crisis in Europe, and lingering pandemic woes in Asia.  OPEC had already downgraded its global economic growth forecasts for 2022 to 3.1% from 3.5%.

OPEC Downgrades Crude Demand Outlook

OPEC officials have stated, in response to slowing global economic conditions, that it will cut its oil demand outlook by 260,000 b/d from an earlier forecast.  The cartel cited remaining downside risks as a result of A combination of the 40-year high inflation in the United States, war in Ukraine that fuelled an energy crisis in Europe, and lingering pandemic woes in Asia.  OPEC had already downgraded its global economic growth forecasts for 2022 to 3.1% from 3.5%.

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