Earlier this week, OPEC lowered its forecast for 2022 global oil demand growth for the fifth time since April and further cut the number for next year, citing mounting economic challenges including high inflation and rising interest rates. China’s COVID-19 cases remain a cause for concern, while Federal Reserve officials have reiterated their commitment to hike interest rates to curb inflation.
However, we believe the oil market will remain tight, which will support higher prices. OPEC+ is reducing its…
