OPEC cuts world economic growth estimate to 3.5% from 3.9% last month. OPEC now sees growth of 3.36 million bpd in 2022 compared to 2021. OPEC: Demand in 2022 is expected to be impacted by ongoing geopolitical developments in Eastern Europe, as well as COVID-19 pandemic restrictions. Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less than the growth anticipated in the April report. Back in April, OPEC slashed its oil demand growth estimate for 2022 by 480,000 bpd on the back of lower expected global economic growth with the Russian war in Ukraine and the […]