OPEC cites the impact of the Ukraine war and omicron in China for the demand downgrade.
- Cuts global economic growth forecast to 3.9% from 4.2%
- Sees considerable further downside risks to its GDP forecast
- Cuts non-OPEC supply forecast by 320k bpd to 2.7 mbpd
- Lowers Russia liquids production forecast by 530k bpd
- OPEC says its output rose by 57k bpd in March to 28.56 mbpd
- Oil demand still expected to exceed 100 mbpd in Q3
WTI rebounded today and is up $4.02 to $98.26, with about 30-cents of gains after this report.
