OPEC cuts full-year 2022 world oil demand growth forecast to 3.1  million bpd


In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said that it lowered the 2022 full-year demand growth forecast to 3.1 million barrels per day (bpd) from 3.36 million bpd, as reported by Reuters.

Additional takeaways

"2023 world oil demand to rise by 2.7 million bpd, unchanged from previous forecast."

"2022 global economic growth forecast lowered to 3.1% (prev. 3.5%), 2023 view trimmed to 3.1% with significant downside risks prevailing."

"Refined product markets in the second half of the year is likely to see seasonal support from transport fuels, fuel sales could benefit from moderating product prices."

"OPEC's oil output rose by 162,000 bpd in July to 28.84 million bpd."

Market reaction

Crude oil prices showed no immediate reaction to this publication and the barrel of West Texas Intermediate was last seen rising 1.5% on a daily basis at $92.90.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers toward 1.0850 ahead of US data

EUR/USD recovers toward 1.0850 ahead of US data

EUR/USD regained its traction and recovered to the 1.0850 area after falling toward 1.0800 earlier in the day. The upbeat PMI data from Germany and the EU support the Euro on Thursday as market focus shifts to Manufacturing and Services PMI data from the US.

EUR/USD News

GBP/USD clings to small gains above 1.2700

GBP/USD clings to small gains above 1.2700

GBP/USD trades marginally higher on the day above 1.2700. The PMI data from the UK showed that Composite PMI edged lower to 52.8 in May (preliminary) from 54.1 in April, limiting Pound Sterling's gains ahead of key data releases from the US.

GBP/USD News

Gold stays in negative territory below $2,370

Gold stays in negative territory below $2,370

Gold struggles to stage a rebound and trades in negative territory below $2,370 following Wednesday's sharp decline. The benchmark 10-year US Treasury bond yield holds steady above 4.4% and makes it difficult for XAU/USD to keep its footing ahead of US PMI data.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures