# Opec cuts 2022 supply and demand forecasts amid Ukraine conflict and high inflation | The National

> OPEC lowered its 2022 oil demand growth forecast by 480,000 bpd to 3.67 million bpd and cut its global GDP growth estimate to 3.9%. The cuts reflect the Ukraine war, Chinese lockdowns and inflation, while Brent traded above $105.

- Date: 2022-04-13 · published 2022-04-13T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42018-opec-cuts-2022-supply-and-demand-forecasts-amid-ukraine-conflict-and-high
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower demand forecasts weigh on crude prices, though OPEC+ is likely to keep its production targets, limiting downside for energy costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| BRENT | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +8.0% | +7.2% |
| BRENT | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | +0.3% | -10.5% |
| BRENT | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +2.6% | +3.9% |
| BRENT | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +0.4% | +6.5% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| WTI | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +6.0% | +8.3% |
| WTI | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | -0.3% | -10.9% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2022/04/13/opec-lowers-supply-and-demand-forecasts-for-2022-amid-ukraine-conflict-and-high-inflation/

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