OPEC cuts 2022 oil demand outlook on outbreak in China, slower economic growth

OPEC on April 12 lowered its 2022 global oil demand forecast by 480,000 b/d, citing weaker economic growth along with the outbreak of the omicron variant in China, and indicated the market was in surplus in the first quarter of 2022. OPEC now expects global oil demand to average 100.5 million b/d in 2022, for year-on-year growth of 3.67 million…