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 OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic. OPEC in a monthly report said it expects 2022 oil demand to increase by 3.1 million barrels per day (bpd), or a 3.2% decrease to 260,000 bpd from the previous forecast. The IEA raised its forecast by 380,000 bpd to 2.1 million bpd.

OPEC, unlike IEA, sees lower 2022 oil demand growth

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 OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic. OPEC in a monthly report said it expects 2022 oil demand to increase by 3.1 million barrels per day (bpd), or a 3.2% decrease to 260,000 bpd from the previous forecast. The IEA raised its forecast by 380,000 bpd to 2.1 million bpd.

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