OPEC: The outlook for the oil market is highly uncertain

Recently, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly market report that the agency maintained its forecast for global oil supply and demand basically unchanged, and factors such as the new crown pneumonia epidemic in Asia and the West's curb of Russian oil exports have made the outlook for the energy market highly uncertain.

In its monthly market report, OPEC slightly lowered its forecast for global oil demand, while also making minor adjustments to its oil supply forecast, while leaving its forecast for global economic growth unchanged
.
OPEC pointed out that a series of considerable uncertainties, from the course of the Russia-Ukraine conflict to the G7-led plan to cap Russian oil prices, have cast a shadow over global oil supply, which analysts fear could further disrupt global oil supply
.
OPEC kept its forecasts for economic growth and oil demand largely unchanged, warning that the EU faced the threat
of "additional energy supply blockage.
" This is clearly referring to the EU's imminent plan to ban imports of Russian oil, threatening to worsen the European economy and push the region into recession
.

OPEC's forecast for global oil demand growth this year was lowered by 100,000 b/d to 2.
5 million b/d
.
OPEC also lowered its oil demand growth forecast for 2023 by 100,000 b/d to 2.
2 million b/d
.
OPEC has fine-tuned oil supply expectations for non-OPEC
producers.
It cut its forecast for oil supply growth for non-OPEC producers in 2022 by 30,000 b/d to 1.
9 million b/d
.
For 2023, OPEC raised its growth forecast by 20,000 b/d to 1.
54 million b/d
.