Opec cut its outlook for demand growth this year, citing China’s Covid-19 containment measures and high inflation
— Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook.
“This week has placed growth risks back into the spotlight for oil prices, as the initial enthusiasm over Opec+ production cuts has proved to be short-lived and gains are seen fading off,” said Jun Rong Yeap, market strategist at IG. But Opec on Wednesday cut its outlook for demand growth this year by between 460,000 bpd and 2.64-million bpd, citing the resurgence of China’s Covid-19 containment measures and high inflation.
The US energy department lowered its expectations for both production and demand in the US and globally. It now sees just a 0.9% increase in US consumption in 2023, down from a previous forecast for a rise of 1.7%.
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