OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

OPEC Cuts 2022 World Oil Demand Forecast Due to Ukraine War | Devamı>>>

Brent crude prices topped $70 a barrel for the first time in nearly five months on Thursday as tightening supply continues to offset concerns about slowing global demand and rising US shale production. The international oil benchmark rose as much as 1 per cent to $70.03 a barrel, the highest since mid November.

Its US counterpart, West Texas Intermediate, gained 0.5 per cent to $62.77. Brent has been flirting with the $70-a-barrel milestone this week, with the rally underpinned by Opec’s intentional production cuts and output drops from sanction-hit Venezuela and Iran.

Oil Tops $70 A Barrel for First Time Since November | Devamı>>>