Oil market faces ‘considerable uncertainties,’ OPEC warns

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