The Organisation of the Petroleum Exporting Countries (OPEC) has further revised down its forecasts for this year’s global economic growth and oil demand, following a previous downward revision in May.
The oil alliance said on Thursday in its monthly report that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months.
Explaining the downward revision, OPEC cited “weaker second-quarter growth in the major economies and an observed soft trend in some key economies”.
In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.
