In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said that it lowered the 2022 full-year demand growth forecast to 3.1 million barrels per day (bpd) from 3.36 million bpd, as reported by Reuters.

Additional takeaways

"2023 world oil demand to rise by 2.7 million bpd, unchanged from previous forecast."

"2022 global economic growth forecast lowered to 3.1% (prev. 3.5%), 2023 view trimmed to 3.1% with significant downside risks prevailing."

"Refined product markets in the second half of the year is likely to see seasonal support from transport fuels, fuel sales could benefit from moderating product prices."

"OPEC's oil output rose by 162,000 bpd in July to 28.84 million bpd."

Market reaction

Crude oil prices showed no immediate reaction to this publication and the barrel of West Texas Intermediate was last seen rising 1.5% on a daily basis at $92.90.