OPEC cuts oil demand growth forecast again as economic challenges mount

LONDON: The Organization of the Petroleum Exporting Countries, or OPEC, on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and increases to interest rates. 

Oil demand in 2022 will rise by 2.55 million barrels per day (bpd), or 2.6 percent, the OPEC said in a monthly report, down 100,000 bpd from the previous forecast.