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OPEC Cuts 2022 Oil Demand Growth  From 4.15mbpd To 3.67mbpd

OPEC

OPEC has released its monthly report and cut full-year oil demand growth to 3.67m barrels per day from 4.15m

  • OPEC cited the impact of the Ukraine war and covid-19 surge in China for the downgrade.
  • Bloomberg:
    • 'OPEC lowers Russia 2022 Oil Output estimate by 530K B/D'
    • 'OPEC says its output rose by 57k bpd in March to 28.56 mbpd'
    • 'OPEC cuts 2022 global oil demand estimate by 410K B/D'
    • 'OPEC cuts global economic growth forecast to 3.9% from 4.2%'
  • WTI responded to the report with a USD$4.02 bounce.

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