Africa-Press – Botswana. The Organization of Petroleum Exporting Countries (OPEC) has revised downwards forecasts for growth in oil demand for this year and for 2023, in a context of economic uncertainty, according to a report published today.
“The increase in world demand for oil in 2022 was revised downwards from 0.5 million barrels per day” to 2.6 million barrels per day, according to the October monthly report.
In total, expected demand will be 99.7 million barrels per day during the year.
OPEC explains this drop with “the extension of restrictions due to Covid-19 in several regions of China, the economic challenges in member countries of the Organization for Economic Cooperation and Development (OECD) and the inflationary pressure in certain key countries”.
This estimate assumes that the war in Ukraine does not get worse in the fourth quarter and next year, also expecting that inflation will continue, with some tension in the labor market.
According to Lusa, OPEC points to world economic growth of 2.7% in 2022, instead of the 3.1% predicted in the September report.
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