Today: 3 August 2025
12 August 2022
1 min read

OPEC sees lower oil demand growth in 2022

Explaining the downward revision, OPEC cited “weaker second-quarter growth in the major economies and an observed soft trend in some key economies”…reports Asian Lite News

The Organisation of the Petroleum Exporting Countries (OPEC) has further revised down its forecasts for this year’s global economic growth and oil demand, following a previous downward revision in May.

The oil alliance said on Thursday in its monthly report that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months.

Explaining the downward revision, OPEC cited “weaker second-quarter growth in the major economies and an observed soft trend in some key economies”.

In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.



Risks facing the world economy include ongoing geopolitical tensions and supply chain issues, the continued Covid-19 pandemic, rising inflation, high sovereign debt levels in many regions, and expected monetary tightening by central banks in the US, Britain, Japan and the Euro zone.

The oil-producer group has also forecast that global oil demand will average around 100 million barrels per day (bpd), down from the previous months’ estimate of 100.3 million bpd.

The revised oil demand forecast is due to “expectations of a resurgence of Covid-19 restrictions and ongoing geopolitical uncertainties” in the second half of this year.

According to OPEC’s August report, some of its members have continued to struggle with meeting their monthly output quotas. Nigeria and Angola fell significantly behind their production targets in July, the report showed.

ALSO READ: ‘Culture key driver of UAE’s socio-economic growth’

Previous Story

UAE banks can weather global shocks

Next Story

New gen UAE passports to be issued from Sept 1

Latest from -Top News

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Miles in the Malls!

Dubai Mallathon kicks off today – The emirate’s biggest malls transform into indoor fitness arenas, inviting residents to walk, run, and win — all while staying cool, healthy, and community-connected….reports Asian Lite

Famine grips Gaza, WHO warns

WHO said Gaza’s population is facing acute food insecurity under the Integrated Food Security Phase Classification…reports Asian Lite News The World Health Organisation (WHO) has issued its starkest warning yet about the

Lifeline from UAE to Gaza

UAE’s Operation Chivalrous Knight 3 sustains Gaza’s collapsing health system with hospitals, treatment, aid, and vaccines, offering vital relief to thousands amid deepening crisis….reports Asian Lite News The United Arab Emirates has

Modi, MBZ talk big ties

The call reaffirmed their keenness to “strengthen relations in line with their shared vision to leverage opportunities and deepen strategic cooperation.”…reports Asian Lite News In a significant diplomatic engagement, Prime Minister Narendra
Go toTop

Don't Miss

Ramadan Nights 2022 kicks off at Expo Centre Sharjah

The shopping experience at Ramadan Nights will be enhanced by

India, China, UAE abstain on Russia resolution

India’s abstention will strain India’s growing relationship with the US