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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