OPEC expects world demand for its crude to average 29.4 million bpd next year, down 300,000 bpd from last month and implying a surplus of 370,000 bpd should output continue at September's rate and other things remain equal. Still, OPEC is pumping far less than called for by the OPEC+ agreement due to under-investment in oilfields by some members. The middle class is caught between a rock and a hard place as they sacrifice pay for benefits. It is either unaffordable for the individual or it’s a massive drain on resources for corporations. The report showed OPEC output rose by 146,000 bpd to 29.77 million bpd in September, led by Saudi Arabia and Nigeria. Healthcare is a complete disaster, said Jarl Jensen, author of The Big Solution: Deactivating The Ticking Time Bomb Of Today’s Economy. street-lighting) which are usually not provided in a free.
#Economic issues how to#
How to redistribute income to reduce poverty, without causing loss of economic incentives. The group's decision for September 2022 called for a 100,000 bpd increase in its output target, of which about 64,000 bpd was meant to come from the 10 participating OPEC countries. Examples of economic problems include How to deal with external costs/pollution, e.g. OPEC+ has for most of this year been ramping up oil output to unwind record cuts put in place in 2020 after the pandemic slashed demand. Oil prices, which have been weakening in response to fears about the economy, closed lower, trading below $93 a barrel. "Major downside risks still exist," OPEC said, adding there was a limited upside potential from such factors as fiscal measures in the European Union and China, and any resolution to the Ukraine war. OPEC cut its 2022 global economic growth forecast to 2.7% from 3.1%, trimmed next year's figure to 2.5% and said there was potential for further weakness. It also only expects a 0.8% increase in production to 100.73 million bpd next year. Energy Department, by contrast, sees demand growing by 1.5% in 2023 to 101.03 million bpd, down from 101.50 million bpd forecast last month. OPEC still expects demand in 2023 to exceed the pre-pandemic rate of 2019.
Next year, OPEC sees oil demand rising by 2.34 million bpd, 360,000 bpd less than previously forecast, to 102.02 million bpd. Energy Department also lowered its expectations for global output and consumption in 2023.Įven after the downgrade, OPEC still expects demand growth to be stronger this year and next than the International Energy Agency, which issues its latest forecasts on Thursday. The United States criticized the decision. The lower demand outlook gives additional context for last week's move by OPEC and its allies, known as OPEC+, to make their largest cut in output since 2020 to support the market.
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