The Organization of the Petroleum Exporting Countries has scaled down its global oil demand forecast for the last three months of the year due to the impact of high energy prices on the economic recovery.
- According to the latest OPEC Monthly Oil Market Report, oil demand is expected to average 99.49 million barrels per day in the last quarter of the year, lower than the 330,000 bpd forecasted last month.
- OPEC also slashed its demand growth forecast by 160,000 bpd to 5.65 million bpd, noting that the slowdown in the recovery in the current quarter is likely due to elevated energy prices.
- The group now expects consumption to breach the 100 million bpd mark in the third quarter of next year, a quarter later than it initially expected in its report released last month.
Oil prices have already hit a three-year high of more than $86 a barrel as OPEC+ is set to gradually boost supplies.