Posted on 10/12/2022 7:27:51 AM PDT by Oldeconomybuyer
LONDON (Reuters) -OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.
“The world economy has entered into a time of heightened uncertainty and rising challenges, amid ongoing high inflation levels, monetary tightening by major central banks, high sovereign debt levels in many regions as well as ongoing supply issues," OPEC said in the report.
The lower demand outlook gives additional context for last week's move by OPEC and its allies, known as OPEC+, to make their largest cut in output since 2020 to support the market. The United States criticized the decision.
Even after the downgrade, OPEC still expects demand growth to be stronger this year and next than the International Energy Agency, which issues its latest forecasts on Thursday. [IEA/M]
(Excerpt) Read more at news.yahoo.com ...
Someone still f***in’ with the biDUHns.
Maybe they’re siding with Russia.
Biden is bitching but if growth is projected to decline then so should production. It sucks for consumers but the Saudis are business men trying to make money.
Worldwide recession, and it won’t be pretty.
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