OPEC+ Cuts Global Oil Demand Forecast For This Year

Cat:

Related stories

No Untouchables, I’ll ‘Touch’ Abuja Wealthy And Heavens Won’t Fall — Wike Boasts

By Kolawole Ojebisi The Minister of the Federal Capital Territory,...

Tears As Nigeria’s Ex-Ambassador To US, Jubril Aminu, Dies At 85

By Kolawole Ojebisi A renowned Nigerian scholar, politician and diplomat,...

“Why Wike’s Politics Should Be Studied At Universities,” Says Ooni of Ife

By Abiola Olawale The Ooni of Ife, Oba Adeyeye Enitan...

Using FOI Act As Blackmail tool Not Activism But Sabotage — NEITI Warns

By Kolawole Ojebisi The Nigeria Extractive Industries Transparency Initiative (NEITI),...

Oil Prices Rise Despite OPEC+ Output Hike Plans

Morgan Stanley forecasts that OPEC+ will restore all 2.2...
  • OPEC’s technical panel has cut the oil demand forecast by 200,000 bpd for 2022.O
  • OPEC now sees global demand grow by 3.4 million bpd this year.
  • OPEC+ is not expected to significantly raise its production cap at its meeting this Thursday.

The technical panel of the OPEC+ group has reduced its global oil demand forecast for 2022 by 200,000 barrels per day (bpd) ahead of the alliance’s meeting on Thursday, Energy Intelligence reports.

The Joint Technical Committee (JTC) held its regular meeting today to review oil market developments ahead of Thursday’s meeting of the Joint Ministerial Monitoring Committee (JMMC) that would be followed by the OPEC+ ministerial meeting, OPEC said on Wednesday, without providing details of the discussions.

According to a report for the JTC to review, global oil demand is now expected to grow by 3.4 million bpd this year, with the geopolitical situation and COVID developments cited as key risks to the forecast, Energy Intelligence reports.

Last month, OPEC revised down its global oil demand growth estimate for 2022 a second month running. OPEC said in the middle of May that oil demand would grow by 310,000 fewer barrels per day than the growth anticipated in the April report.

OPEC+ meets on Thursday, and it is widely expected to rubberstamp its moderate monthly increases in oil production when it decides output levels for July. Despite the EU ban on most Russian oil imports, the alliance is unlikely to increase production quotas more than planned, according to numerous reports of the past few days.

Some OPEC members are mulling over the possibility of suspending Russia from the OPEC+ deal that limits the amount of crude oil that each member can produce, the Wall Street Journal reported on Tuesday, citing OPEC delegates.

Suspending Russia’s role in the group could allow other members to increase oil production at a quicker pace—although there are only a few OPEC members believed to have the capacity to ramp up production as quickly as the current deal allows.

Meanwhile, Russian Foreign Minister Sergei Lavrov visited Saudi Arabia on Tuesday and met with his Saudi counterpart Prince Faisal bin Farhan Al Saud. The ministers praised the OPEC+ deal and the cooperation between Russia and Saudi Arabia in the oil market, Russia says.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskovahttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
No Untouchables, I'll 'Touch' Abuja Wealthy And Heavens Won't Fall -- Wike BoastsTears As Nigeria's Ex-Ambassador To US, Jubril Aminu, Dies At 85"Why Wike's Politics Should Be Studied At Universities," Says Ooni of IfeUsing FOI Act As Blackmail tool Not Activism But Sabotage -- NEITI WarnsOil Prices Rise Despite OPEC+ Output Hike PlansTop 10 wealthiest cities in the world in 2025Ruto Teases Kenyan Men: Nigerians Marrying Our Women...'Balance This Scale' To Avoid Brain DrainTrump, Biden Clash Over Probe Into Alleged Cover-Up of Health CrisisAkpoti-Uduaghan Distances Self From Viral Video on TinubuRanked: Countries With the Highest Remittance CostsUS Green card, legal status, buying land, own properties, permanent resident statusLagos: Mr Governor, this sacrifice must get to OlodumareDrama As APC, PDP Trade Words Over Davido, Gov Adeleke's Visit To TinubuEFCC Declares Two More Wanted Over CBEX FraudDefection: Maku Backs Alia, Says No Plan To Make Benue Gov. Dumps APC For PDP
X whatsapp