Crude Oil Falls As OPEC Cuts Oil Demand Forecast

13 Oct 2022 , 12:12 PM

Crude oil continues to struggle under $88 mark on Thursday, as OPEC slashed its global oil demand growth estimates on Wednesday for both 2022 and 2023, citing economic headwinds and Covid in China. In its closely-watched Monthly Oil Market Report (MOMR), OPEC revised down its estimate of global oil demand growth for 2022 by 460,000 barrels per day (bpd), citing Chinas Covid lockdowns, economic headwinds in developed economies, and inflationary pressures everywhere. OPEC now sees world oil demand growing by 2.6 million bpd this year to average 99.7 million bpd. WTI crude oil futures are currently quoting down 0.29% at $87.09 per barrel. Powered by Commodity Insights