Standard Chartered has lowered its global oil demand outlook for next year, suggesting that oil demand won’t break the all-time highs of 2019. The decision by OPEC+ to cut its production target by 2 million bpd appears to have been a key factor in Standard Chartered lowering its oil demand outlook. Standard Chartered is particularly bearish about oil demand in China and the U.S. due to fears of a recession and of continued Covid problems in China. Standard Chartered says it no longer expects next year’s global oil demand to surpass the all-time highs of 2019 and has downgraded its demand growth forecast along with its U.S. GDP forecast. In the aftermath of the OPEC+ decision to cut output by 2 million barrels per day in November, Standard Chartered has revised its oil market balances, forecasting 2023 oil demand growth at 1.26 million barrels per day, which represents a […]