30.7 C
New York
Sunday, June 26, 2022

OPEC warns of the great demand for oil from the war and inflation

- Advertisement -
- Advertisement -

LONDON, March 15 (Reuters) – OPEC said on Tuesday that oil demand in 2022 faces challenges from Russia’s invasion of Ukraine and accelerating inflation as crude prices soar, but not He even changed his forecast of strong demand for this year.

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) maintained its view that global oil demand would increase by 4.15 million barrels per day (bpd) in 2022.

However, OPEC confirmed that the war in Ukraine and ongoing concerns over COVID-19 were reshaping the world economy, saying this will have a short-term negative impact on global growth.

“Looking ahead, the downturns for the world economy – especially in terms of slowing economic growth, rising inflation and current geopolitics – will impact oil demand in various regions,” OPEC said in a statement. The report.

“Although the year started on a relatively strong footing, the latest developments in Eastern Europe may derail the recovery,” OPEC said in its commentary on the global economy.

See expects global oil consumption to top the 100 million bpd mark in the third quarter, in line with OPEC’s forecast last month. On an annual basis, according to OPEC, the world last used more than 100 million bpd of oil in 2019.

OPEC and its allies, known as OPEC+, are gradually undoing the production records recorded in 2020.

At its last meeting, the group failed to react to the Ukraine crisis and stuck to its previously agreed plan to increase monthly output by 400,000 bpd in April.

The report showed OPEC output in February rose 440,000 bpd to 28.47 million bpd, surpassing for the first time the 254,000 bpd hike OPEC is allowed under the deal in 2022.

(Edited in Spanish by Javier López de Lérida)

Source link

- Advertisement -

New Articles