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OPEC Cuts 2022 Global Oil Demand Forecast by 300,000 B/D

By Geoffrey Smith AiVIF.com -- The Organization of the Petroleum Exporting Countries cut its forecast for world oil demand this year, due to the effect of COVID-19 lockdowns...
OPEC Cuts 2022 Global Oil Demand Forecast by 300,000 B/D © Reuters.

By Geoffrey Smith

AiVIF.com -- The Organization of the Petroleum Exporting Countries cut its forecast for world oil demand this year, due to the effect of COVID-19 lockdowns in China and the war in eastern Europe.

In its monthly report for May, OPEC said it now expects global demand to grow by an average of only 3.4 million barrels a day this year, down from a prior estimate of 3.7 million b/d.

That masks a dramatic slowdown in growth between the first and the second quarters of this year. While first-quarter demand was up 5.2 million b/d, demand growth is expected to fall to 2.8 million b/d in the current quarter.

The bloc didn't single out China, but cited "COVID-19 pandemic restrictions" that have affected the country more than anywhere else in the world in the last couple of months. Internal travel demand has slumped, along with business activity, as the key port of Shanghai, the northeast region of Jilin, and latterly the cities of Beijing and Hangzhou have all been hit by lengthy lockdowns of varying severity. The Chinese government has signaled it won't abandon its "Zero-COVID" policy.

OPEC also said it expected demand to be hit by "ongoing geopolitical developments in Eastern Europe," a euphemism for the invasion of Ukraine by its partner, Russia. That has driven energy prices to record highs in both Europe and the U.S., leading to growing signs of demand destruction.

OPEC also revised down its estimate for Russian oil production this year by 360,000 barrels a day. Production in Russia fell sharply in April as the country struggled to find buyers to replace European, U.S., and Japanese customers.

However, it still sees only a modest risk of U.S. producers stepping up to fill that gap in the world oil supply. It left unchanged its forecast for U.S. output growth at an average of 1.29 million barrels a day.

U.S. crude futures were down 1.5% at $104.16 a barrel after the news, paring earlier losses. Brent crude was down 1.5% at $105.85.

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18-05-2022 14:44:32 (UTC+7)

EUR/USD

1.0518

-0.0029 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0518

-0.0029 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2414

-0.0076 (-0.61%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/JPY

129.29

-0.10 (-0.08%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.7012

-0.0017 (-0.24%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.2831

+0.0022 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

135.97

-0.50 (-0.37%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (11)

Sell (0)

EUR/CHF

1.0490

+0.0013 (+0.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Gold Futures

1,814.57

-4.33 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

Silver Futures

21.641

-0.109 (-0.50%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Copper Futures

4.2088

-0.0302 (-0.71%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

111.14

+1.51 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (0)

Brent Oil Futures

113.10

+1.17 (+1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Natural Gas Futures

8.198

-0.106 (-1.28%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (1)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,735.45

-6.06 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,168.63

-17.31 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,514.89

-3.46 (-0.05%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (4)

Hang Seng

20,575.00

-27.52 (-0.13%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (1)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,504.65

+28.95 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (9)

BASF SE NA O.N.

50.530

-0.160 (-0.32%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

Bayer AG NA

64.04

-0.08 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (6)

Allianz SE VNA O.N.

201.88

-0.37 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (6)

Adidas AG

182.02

-1.28 (-0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Lufthansa AG

6.779

-0.048 (-0.70%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (7)

Siemens AG Class N

116.26

-0.24 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

Deutsche Bank AG

9.495

-0.043 (-0.45%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (2)

 EUR/USD1.0518Sell
 GBP/USD1.2414↑ Sell
 USD/JPY129.29↑ Buy
 AUD/USD0.7012Neutral
 USD/CAD1.2831↑ Buy
 EUR/JPY135.97↑ Buy
 EUR/CHF1.0490↑ Buy
 Gold1,814.57↑ Buy
 Silver21.641↑ Buy
 Copper4.2088↑ Buy
 Crude Oil WTI111.14↑ Buy
 Brent Oil113.10↑ Buy
 Natural Gas8.198↑ Buy
 US Coffee C228.63Neutral
 Euro Stoxx 503,735.45↑ Sell
 S&P 5004,088.85↑ Buy
 DAX14,168.63↑ Sell
 FTSE 1007,514.89Sell
 Hang Seng20,575.00Buy
 Small Cap 20001,840.30Neutral
 IBEX 358,504.65↑ Sell
 BASF50.530Neutral
 Bayer64.04↑ Sell
 Allianz201.88↑ Sell
 Adidas182.02↑ Sell
 Lufthansa6.779Neutral
 Siemens AG116.26↑ Sell
 Deutsche Bank AG9.495Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,836
SJC HCM6,825/ 6,925
(0/ 0) # 1,837
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,839
SJC Danang6,825/ 6,927
(0/ 0) # 1,839
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,839
SJC Cantho6,825/ 6,927
(0/ 0) # 1,839
Cập nhật 18-05-2022 14:44:41
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RON 95-V30.58031.190
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Ngoại tệMua vàoBán ra
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EUR23.783,5625.115,95
GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 14:40:04 18/05/2022
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