The Group of the Petroleum Exporting International locations (OPEC) additional revised its forecasts for this 12 months’s international financial development and oil demand, following the final revision in Might.
The oil coalition mentioned in its month-to-month report on Thursday that the world financial system is predicted to develop by 3.1 % in 2022, in comparison with its forecast of three.5 % over the previous three months.
Explaining the downward revision, OPEC cited “weak second quarter development in main economies and a softer development in some main economies”.
OPEC in its Might report had already lowered its forecast for international financial development this 12 months to three.5 % from 3.9 %. In response to the report of Xinhua information company, this launch was postponed until July.
Dangers going through the world financial system embody ongoing geopolitical tensions and provide chain points, continued COVID-19 pandemic, rising inflation, excessive sovereign debt ranges in lots of sectors and expectations by central banks within the US, UK, Japan and the euro space. financial strictures are concerned. ,
The oil producer’s group additionally forecast that international oil demand will common round 100 million barrels per day (bpd), down from final month’s estimate of 100.3 million bpd.
The revised oil demand forecast is according to expectations of a “resurgence of COVID-19 restrictions and ongoing geopolitical uncertainties” within the second half of this 12 months.
In response to OPEC’s August report, a few of its members proceed to battle to satisfy their month-to-month manufacturing quotas. The report confirmed that Nigeria and Angola fell far wanting their manufacturing targets in July.
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