Oil Price Crash Undermines OPEC’s Optimistic Demand Forecast ...Middle East

Global oil demand is expected to slow down from 3.36 million bpd of growth this year to a growth of 2.7 million bpd in 2023, OPEC said on Tuesday in its first demand estimates for next year. These demand estimates appear particularly optimistic on Tuesday morning as concerns about an economic slowdown and renewed Covid lockdowns in China sent oil prices crashing by more than 7%. Solid economic growth in major consuming countries, improved geopolitical developments, and containment of COVID outbreaks in China are set to support global oil demand…

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