OPEC cuts 2022 world oil demand forecast due to Ukraine war – Reuters

OPEC cuts 2022 world oil demand forecast due to Ukraine war – Reuters

LONDON, April 12 (Reuters) - OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

The invasion in February sent oil prices soaring above $139 a barrel, the highest since 2008, worsening inflationary pressures. Crude has since fallen as the United States and other nations announced plans to tap strategic oil stocks to boost supply, but remains over $100.