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OPEC cuts oil demand growth forecast to 2.5 mln bpd in 2022

It is reported that oil consumption in non-OECD countries could increase by 1.3 mln barrels per day to 53.5 mln barrels per day

MOSCOW, November 14. /TASS/. OPEC lowered its forecast for global oil demand growth in 2022 by 0.1 mln barrels per day (bpd) to 2.5 mln bpd, the organization said in a November report. The figure may reach 99.6 mln bpd in absolute terms.

According to the OPEC forecast, oil demand in the countries - members of the Organization for Economic Cooperation and Development (OECD) in 2022 will grow by 1.3 mln bpd and will reach 46.1 mln bpd. Oil consumption in non-OECD countries could increase by 1.3 mln bpd to 53.5 mln bpd.

OPEC also decreased its oil demand growth forecast for 2023 by 0.1 mln bpd to 2.2 mln bpd. Uncertainty in the global economy and factors related to the pandemic and the tense geopolitical situation may lead to a decline in oil consumption in 2023.

At the same time, OPEC lowered its forecast for growth in oil supplies from non-OPEC countries in 2022 by 30,000 bpd to 65.6 mln bpd.

The United States, Canada, China, Guyana, and Brazil will be the main drivers of supply growth, according to OPEC, while Thailand and Norway may reduce oil supplies.

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