Oil demand shows signs of waning as the global economy slows, bringing the world crude market close to balance, OPEC officials said Thursday in a new outlook.

The Saudi Arabia-led cartel cut its world oil demand outlook by 260,000 b/d from an earlier forecast to about 100 million b/d for 2022. It held its expectation for next year to 102.7 million b/d.

OPEC cited slowing economic conditions across the globe, notably including the United States. The U.S. government earlier this month reported that gross domestic product shrank in both the first and second quarters of 2022.

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OPEC last month had downgraded its global economic growth forecasts...