Tim Stewart: I’ve never seen OPEC ‘stiff-arm’ the US president
U.S. Oil & Gas Association president Tim Stewart discusses how Biden can stabilize the ‘volatile global oil market’ on ‘Cavuto: Coast to Coast.’
OPEC left its forecast for global oil supply and demand largely unchanged Monday, as it warned that major unknowns such as Covid-19 cases in China and the impact of Western efforts to frustrate Russian oil exports made the outlook for energy markets highly uncertain.
In its closely followed monthly market report, the Organization of the Petroleum Exporting Countries modestly revised lower its forecast for global oil demand while making small tweaks to its supply forecasts and holding off from making changes to its global economic growth forecasts.
The oil producers group cited a raft of "considerable uncertainties" clouding the picture for global oil supplies from the course of Russia’s war in Ukraine to a Group of Seven-led plan to cap Russian oil prices which analysts fear could further disrupt global oil supplies.
While it kept its forecast for economic growth and oil demand largely unchanged, OPEC also warned that the threat of "additional energy-supply disruptions" in the European Union—an apparent allusion to the bloc’s impending plans to ban imports of Russian oil—risked heightening’ the continent’s slowdown and pushing it into a recession.