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8/11, 2:15 PM (Source: TeleTrader)
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OPEC revises oil demand growth down to 3.1M bpd

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Thursday that global oil demand for 2022 is expected to rise by 3.1 million barrels per day (bpd), compared to a growth of 3.4 million in July, "to account for some regional revisions." Total oil demand should average at 100,030,000 bpd.

Oil consumption is still projected to rise in 2023, with the forecast unchanged from July. The estimated growth figure is 2.7 million bpd, with total demand at 102,720,000 bpd due to "expectations for healthy global economic growth, combined with expected improvements in the containment of COVID-19 in China."

Baha Breaking News (BBN) / DJ