: OPEC cuts forecast for 2022 oil-demand growth

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The Organization of the Petroleum Exporting Countries on Thursday cut its forecast for growth in global oi demand due to the Russia-Ukraine war and COVID-19 restrictions.

OPEC, in its monthly report, said it expects wold oil demand to grow by 3.4 million barrels a day, year over year, in 2022, down 300,000 barrels a day from its April forecast. OPEC expects second-quarter demand growth to slow to 2.8 million barrels a day, compared with 5.2 million barrels a day, in the first quarter.

“Demand in 2022 is expected to be impacted by ongoing geopolitical developments in Eastern Europe, as well as COVID-19 pandemic restrictions,” the organization wrote.

July Brent crude
BRN00,
-1.94%

BRNN22,
-1.94%
,
the global benchmark, was down $1.81, or 1.7%, at $105.70 a barrel on ICE Futures Europe. West Texas Intermediate crude for June delivery
CL.1,
-1.99%

CLM22,
-1.99%

fell $1.59, or 1.5%, at $104.12 a barrel on the New York Mercantile Exchange.

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