OPEC revised to low crude demand after uncertainty over conflict between Russia and Ukraine


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By: Dr. Franyi Sarmiento, Ph.D., Inspenet, April 12, 2022

The partners of OPEC (Organization of Petroleum Exporting Countries), which participate in the pact with Russia and other producers to limit oil supply, cut the global economic growth forecast for 2022 to 3.79% from 4.29%.

According to the Organization, the impact on global growth is likely to be considerable if the war between Russia and Ukraine continues.

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In its monthly report for April, the Organization of the Petroleum Exporting Countries (OPEC) explains that the correction reflects the worsening prospects for the global situation as a result of the “impact of the conflict in Eastern Europe, as well as the current effects of the pandemic ”, reported EFE.

For its part, OPEC pumped 2.8 million barrels per day (mbd) in March below the previously agreed joint quota. What made the entity separate from the estimates of independent institutes, according to information from Swissinfo.ch.

Then, the extractions of the thirteen member countries, last month stood at 28.558 mbd, 57,000 barrels per day more than in February.

Without the extractions from Venezuela (0.697 mbd), Iran (4.309 mbd) and Libya (1.354 mbd) -the three partners that are exempt from the current agreements due to suffering involuntary falls in their productions-, pumping is 22.198 mbd, when the quota set for March is 25,061 mbd.

Source : https://www.valoraanalitik.com/2022/04/12/opep-reviso-la-baja-demanda-crudo-conflicto-rusia/