The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for growth in world oil demand unchanged at 3.4 million barrels a day (mb/d) in 2022, with total demand projected to average 100.3 mb/d. In its monthly report, OPEC said it raised its estimate of first-quarter demand, but cut second-quarter demand due to the “resurgence of COVID-19 in China and ongoing geopolitical uncertainties.” For 2023, world oil-demand growth is expected to slow to 2.7 mb/d to average 103.0 mb/d, “supported by a still solid economic performance in major consuming countries, as well as improved geopolitical developments…
