OPEC cut its 2022 global oil demand growth forecast for the fourth time since April and cut the figure for next year, citing a slowing economy, renewed measures to curb the spread of COVID-19 in China and high inflation, Reuters reported.

Oil demand will rise by 2.64 million bpd, or 2.7 percent, in 2022, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report, down 460,000 bpd from the previous forecast.

The world economy has entered a period of heightened uncertainty and growing challenges amid continued high inflation, monetary tightening by major central banks, high levels of sovereign debt in many regions, and ongoing supply problems, OPEC said in the report.

OPEC expects oil demand to rise by 2.34 million bpd next year, 360,000 bpd lower than previously forecast.

OPEC+ has been ramping up oil production for much of this year. Its September 2022 decision called for increasing the group's production target by 100,000 bpd, of which about 64,000 bpd were to come from OPEC's 10 member countries.

The report showed that OPEC production rose 146,000 bpd to 29.77 million bpd in September, primarily at the expense of Saudi Arabia and Nigeria.

Nevertheless, OPEC is producing much less than the OPEC+ agreement stipulates, due to underinvestment in oil fields by some members.