The Vienna-based producers' group cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day, citing the impact of slowing global economies. It also cut its demand forecasts for 2023 by the same amount to 102.72 million barrels a day. OPEC lowered its global gross domestic product growth forecasts for 2022 to 3.1% from the 3.5% growth it expected last month. For the U.S economy, OPEC cut its growth forecasts to 1.8% this year from 3% and to 1.7% in 2023 from last month's 2.1% forecast. China's economy, the world's second-largest, is expected to grow by 4.5% this year, 0.6 percentage points less than OPEC was expecting in July.

Source: Wall Street Journal August 11, 2022 20:34 UTC