OPEC leaves 2022 world oil demand growth forecast unchanged at 3.36 million bpd

In its monthly report published on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) left the 2022 world oil demand growth forecast unchanged at 3.36 million barrels per day (bpd), as reported by Reuters.

Additional takeaways

"OPEC forecasts world oil demand will grow by 2.7 million bpd in 2023."

"OPEC forecasts  2023 global economic growth of 3.2%, leaves 2022 view unchanged at 3.5% and says uncertainty remains skewed to downside."

"OPEC forecasts  non-OPEC oil supply will rise by 1.7 million bpd in 2023, led by the US."

"OPEC oil output rose by 234,000 bpd to 28.72 million bpd in June."

"Global demand for OPEC's crude forecast at 30.1 million bpd in 2023, up 900,000 bpd from 2022."

Market reaction

Crude oil prices continue to fall following this report and the barrel of West Texas Intermediate (WTI) was last seen trading at $99.40, where it was down nearly 4% on a daily basis.