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The Organization of the Petroleum Exporting Countries (OPEC) maintained its global oil demand forecasts for this year, but warned that consumption is facing risks due to Russia's invasion of Ukraine and accelerating inflation.
In its monthly report, OPEC stuck to its view that world oil demand would rise by 4.15 million barrels per day (bpd) in 2022.
On the other hand, OPEC said the war in Ukraine and continued concerns about COVID-19 appear to be considerably reshaping the global economy and its structure and will have a negative short-term impact on global growth.
"Looking ahead, challenges to the global economy – especially regarding the slowdown of economic growth, rising inflation and the ongoing geopolitical turmoil will impact oil demand in various regions," OPEC said in the report.
The growth forecast for overall non-OPEC supply in 2022 was left unchanged at 0.3 million bpd.
The report also showed that OPEC output rose by 440,000 bpd to 28.47 million bpd in February.
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