LONDON—OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Ukraine’s conflict and developments around the coronavirus pandemic pose a considerable risk.
In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast that world oil demand would rise by 3.36 million barrels per day (bpd) in 2022, extending a recovery from 2020’s slump.
The Ukraine war sent oil briefly above $139 a barrel in March, the highest since 2008, worsening inflationary pressures. COVID-19 lockdowns in China, where a Beijing outbreak has prompted the resumption of mass testing, have curbed oil demand….