Opec cuts 2022 world oil demand forecast again on Ukraine war ...Qatar

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Opec cuts 2022 world oil demand forecast again on Ukraine war
Opec on Thursday cut its forecast for growth in world oil demand in 2022 for a second straight month, citing the impact of Russia’s invasion of Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organisation of the Petroleum Exporting Countries (Opec) said world demand would rise by 3.36mn barrels per day (bpd) in 2022, down 310,000 bpd from its previous forecast. The Ukraine war sent oil prices briefly above $139 a barrel in March, the highest since 2008, worsening inflationary pressures. Opec has cited suggestions that China, with strict Covid lockdowns, is facing its biggest demand shock since 2020 when oil use plunged. “Dem

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