High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday.

In a closely watched monthly market report, OPEC said global demand for oil would grow by 5.7 million barrels a day this year, 160,000 barrels a day less than it expected last month. The revision means the oil-producers group now expects demand for oil in 2021 to total 96.4 million barrels a day.

Soaring fuel costs amid a global energy crunch were showing signs of...