Today: 24 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

‘FAMINE’

UN Secretary-General Antonio Guterres says living situation in Gaza can be described as “famine”…reports Asian Lite News United Nations (UN) Secretary-General Antonio Guterres said that the word “famine” could be used to

Ban Coal Exports to Israel

More than 100 pro-Palestine activists launched protests on Thursday in three major South African cities, calling on the government to ban coal exports to Israel…reports Asian Lite News Pro-Palestine activists are pictured

US sanctions more ICC judges

Washington hits at The Hague with fresh sanctions on four ICC judges and prosecutors, including French and Canadian officials, over probes targeting Israel and US actions abroad….reports Asian Lite News The United

UAE Wows Osaka!

The UAE Pavilion at Expo 2025 Osaka celebrates its three millionth visitor, blending culture, innovation, and hospitality in an immersive showcase of heritage, sustainability, and forward-looking global vision….reports Asian Lite News The

MBS & Sisi talk ties, Palestine

The two leaders reviewed the historic and strategic relations between Riyadh and Cairo and explored new ways to bolster cooperation…reports Asian Lite News Saudi Crown Prince and Prime Minister HRH Mohammed bin
Go toTop

Don't Miss

UAE concludes second UNSC Presidency with 7 resolutions

During the second presidency of its 2022-2023 term on the

Global Leaders Overlooking Early Climate Warnings: King Charles

The King told delegates that the “hope of the world”