- Cites slowing demand growth in China and India as primary reason behind that decision
- Lowers Q4 demand forecast by 330,000 bpd to 99.49 mbpd, citing the impact of ‘elevated’ energy prices
- Keeps 2022 demand forecast unchanged
- Raises forecast for 2022 U.S. tight oil output growth to 610,000 bpd from 410,000 bpd
- Keeps total 2022 non-OPEC supply growth unchanged
- Lowers 2022 forecast for global demand for its crude by 100,000 bpd to 28.70 mbpd