Posting as an ICYMI from the oil cartel. On Thursday OPEC cut its forecast for growth in world oil demand in 2022 for a second straight month

OPEC cited:

  • the impact of Russia's invasion of Ukraine
  • rising inflation
  • Omicron resurgence China

Via the monthly rteport from OPEC:

  • said world demand would rise by 3.36 million barrels per day (bpd) in 2022 (down 310,000 bpd from its previous forecast)

OPEC still expects world consumption to surpass 100 mn bpd in Q3