London: On Oct 12, the Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 forecast for growth in world oil demand for a fourth time since April. It also trimmed next year’s figure, noting slowing economies, the resurgence of COVID-19 containment measures, and high inflation. “The world economy has entered into a time of heightened uncertainty and rising challenges, amid ongoing high inflation levels, monetary tightening by major central banks, high sovereign debt levels in many regions as well as ongoing supply issues,” OPEC said in the report.
