the organization of the petroleum exporting countries on tuesday said it was leaving its economic forecasts and its estimates of 2022 crudeoil demand growth supply growth and the global economy “under assessment” as it warned that inflation stoked by the russiaukraine war could undercut oil consumption in its monthly report the cartel said the conflict in eastern europe added more downside risk to the world economic outlook in 2022 alongside issues tied to the covid19 pandemic including rising commodity prices the fighting is contributing to rising global inflation “the effects of the conflict especially the impact of rising inflation if sustained will lead to a decline in consumption and investments to varying degrees” the report said citing those concerns and “extremely high uncertainty” around global macroeconomic performance “the 2022 forecast for global oil demand growth remains under assessment at 42 million barrels a day opec said growth in countries that are members of the organization of economic cooperation and development a club of mostly wealthy nations stands at 19 mbd with growth for nonoecd countries at 23 mbd the forecast however is subject to change in coming weeks when there is more clarity on the farreaching impact of the geopolitical crisis opec said the estimate of demand growth in 2021 was nudged up by 50000 barrels a day the outlook for nonopec supply in 2022 remained at 3 mbd yearoveryear but also under assessment opec said and will be reviewed and adjusted in comign weeks if necessary the main drivers of liquids supply growth are expected to be the us and russia followed by canada brazil kazakhstan guyana and norway the report said oil futures remained lower having fallen sharply ahead of the report tuesday west texas intermediate crude cl1  the us benchmark was down 7 at 9589 a barrel on the new york mercantile exchange after hitting a 14year high above 130 a barrel last week brent crude brn00  the global benchmark was down 65 at 9999 a barrel