# OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg

> OPEC cut its global oil demand forecast again, lowering its estimate for required crude output this quarter by 520,000 barrels per day. The group cited a weaker economic backdrop and China's strict COVID measures. The cut follows a similar-sized downgrade a month earlier as OPEC implements production cuts.

- Date: 2022-11-14 · published 2022-11-14T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A lower demand outlook from the largest producer group signals softer crude demand, which weighs on energy prices. Cheaper energy eases biofuel and transport costs for feed and grain markets.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.9% | +5.4% |
| BRENT | 2018-10-11 | [OPEC hikes oil output in September as Iran's production falls](https://feedsoft.ai/events/62459-opec-hikes-oil-output-in-september-as-iran-s-production-falls.md) | -4.2% | -14.8% |
| BRENT | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +4.6% | +5.2% |
| BRENT | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.2% | +4.2% |
| BRENT | 2021-02-01 | [OPEC’s Planned Output Increase Tempered by Troubled Producers - Bloomberg](https://feedsoft.ai/events/48554-opec-s-planned-output-increase-tempered-by-troubled-producers-bloomberg.md) | +6.9% | +18.8% |
| WTI | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.3% | +5.4% |
| WTI | 2018-10-11 | [OPEC hikes oil output in September as Iran's production falls](https://feedsoft.ai/events/62459-opec-hikes-oil-output-in-september-as-iran-s-production-falls.md) | -4.8% | -15.7% |
| WTI | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +5.5% | +5.5% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-11-14/opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.