OPEC keeps its forecast for global oil demand in 2022, at a growth of 3.02 million barrels per day.
Today, Thursday, the Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for global oil demand in 2022, at a growth of 3.02 million barrels per day.
The organization stated in a monthly report issued today: “Production from outside OPEC is subject to assessment and will be reviewed and adjusted as necessary in the coming weeks, and it is expected that the rise in non-OPEC production in 2022 will remain practically unchanged from last year, and will reach 3.02 million barrels per day, with an average of 66.59 million barrels per day.
Today’s trading data showed an acceleration in the decline in global oil prices, by about 7%, as the price of Brent crude reached less than $100 a barrel, for the first time since the first of March.
Oil prices have witnessed a significant increase during the past days, coinciding with Special military operation Russia’s implementation in Ukraine and the growing tension between the West and Moscow, accompanied by unprecedented Western sanctions against Russia.