OPEC continues to lower its expectations for the global economy and demand for oil in 2022.

Vienna 12 August : Vienna, Aug 12 : Organisation of the Petroleum Exporting Countries (OPEC) has now reduced its forecasts for the years economic growth as well as demand for oil after a previous upward revision in MayThe oil alliance stated that on Thursday in its monthly update that the worlds economy is forecast to grow by 3.

1 percent in 2022, in contrast the forecast of 3.5 percent in the preceding three months.In explaining the downward revision, OPEC explained the downward revision by citing "weaker second-quarter economic growth in the top economies as well as an observed slowing trend in certain important economies".In its report from May, OPEC had already reduced its projection for growth in the global economy this year by 3.9 to 3.5 percent.The forecast was kept through July Xinhua media agency reported.The world economy is in danger.

are a result of ongoing geopolitical tensions, supply chain concerns, the ongoing Covid-19 pandemic, a rising rate of inflation and high levels of sovereign debt in various regions, and the expected tightening of monetary conditions by central banks in the US, Britain, Japan and the Euro zone.The oil producer group has predicted that the demand for oil in the world will be about 100 million barrels of oil per day (bpd) which is down from the previous months estimate of 100.3 million barrels per day.The revised forecast for oil demand can be attributed to "expectations of a resurgence of Covid-19 restrictions and continuing geopolitical uncertainty" in the second half of this year.According to the report of OPECs August it appears that some of its members continue to struggle with reaching the monthly output targets.

Nigeria and Angola were significantly short of their production goals in July as the report revealed.int/khz/ .