The monthly report of the Organization of the Petroleum Exporting Countries for the month of July showed that the organization maintained its forecast for global economic growth at 2.9 percent for the current and next years, unchanged from the organization's latest estimates.
Regarding the growth of global oil demand, OPEC lowered its forecast for this year, slightly, by 135,000 barrels per day, to 2.1 million barrels per day. According to the OPEC report, the forecast for oil demand growth is above its pre-COVID-19 rates at levels of 1.4 million barrels per day.
OPEC also slightly lowered its forecast for oil demand growth next year by 65,000 barrels per day to 1.8 million barrels per day.
Source (Al Arabiya.net Website, Edited)
