OPEC leaves 2022 oil demand growth forecast unchanged, cuts supply growth as it revises down Russia outlook

The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for 2022 growth in oil demand broadly unchanged at 3.4 million barrels a day. In its monthly report, OPEC revised down its forecast for demand growth in the second quarter to reflect China’s COVID-19 lockdowns, while raising its second-half estimate on expectations for higher demand during the summer holiday and driving season. The organization revised down its forecast for non-OPEC liquids growth in 2022 to 2.1 million barrels a day, down by 250,000 barrels a day from its May estimate. That’s equal to the downward revision for Russia’s 2022 production, while the forecast for U.S. liquids supply growth was marginally unchanged at 1.3 million barrels a day.

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