OPEC lowers its forecast for global oil demand growth in 2022

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The Organization of Petroleum Exporting Countries “OPEC” lowered its forecast for the growth of global oil demand in 2022 by 100,000 barrels per day to reach 2.5 million barrels per day, in a reduction for the second month in a row and for the fifth time since last April.

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The organization said in its monthly report Monday that it expects the growth of global oil demand to decline by the same amount to 2.2 million barrels per day in 2023.

The report indicated that the organization reduced the forecast for the growth of demand for OPEC oil by 100,000 barrels per day in the current year, compared to the expectations of the previous month at 28.6 million barrels per day, which is higher by about 0.5 million barrels per day compared to 2021.

OPEC also reduced demand growth in 2023 by 200,000 barrels per day to stand at 29.3 million barrels per day, which is 700,000 barrels per day higher than the 2022 forecast.

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The production of OPEC members (13 members) recorded a decrease in October by 210,000 barrels per day to reach 29.5 million barrels per day.

The report stated that global oil production increased in October by an average of 700,000 barrels per day to 101.5 million barrels per day compared to the previous month.

OPEC’s share of global production fell 0.4 percentage point to 29.1 percent in October.

The report stated that the global economy entered a difficult phase of uncertainty in the last quarter of this year.

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The “OPEC” alliance is implementing a reduction in the production of its members’ crude oil by two million barrels per day this November, amid expectations that global demand will be affected due to the slowdown in global economic growth.