OPEC warns oil market faces "considerable uncertainty"

According to the Wall Street Journal on November 14, OPEC maintained its forecast for global oil supply and demand on Monday to remain largely unchanged, and warned that major unknowns such as the epidemic and the impact of Western actions to curb oil exports have made the outlook for the energy market highly uncertain.

In its closely watched monthly market report, OPEC slightly lowered its forecast for global oil demand, while also making small adjustments to its oil supply forecast, while leaving its global economic growth forecast unchanged
.

OPEC noted that a series of "considerable uncertainties" from the course of geopolitical conflicts to the G7-led plan to cap oil prices have cast a shadow over global oil supplies, which analysts fear could further disrupt global oil supplies
.

While OPEC kept its forecasts for economic growth and oil demand largely unchanged, it also warned that the EU faced the threat of "additional energy supply blockage," apparently referring to the bloc's imminent plan to ban oil imports, which could worsen the slowdown in Europe and push the region into recession
.

OPEC lowered its forecast for global oil demand growth this year 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 its oil supply forecasts 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
.

OPEC will leave its global economic growth forecast unchanged at 2.
7% this year and 2.
5% next year
.