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OPEC Cuts Global Oil Demand Growth Forecasts for 3rd Consecutive Month
OPEC trimmed its forecasts for oil demand growth this year and next for a third consecutive month as the group belatedly recognizes a slowdown in global fuel use. Global oil consumption will increase by 1.9 million barrels a day — roughly 2% — in 2024, or 106,000 barrels a day less than previously forecast, the Organization of Petroleum Exporting Countries said in its monthly report. The revision was “largely due to actual data received combined with slightly lower expectations” for some regions, it said. With the three successive downgrades, OPEC is starting to retreat from the strongly bullish projections ... (full story)
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- Posted: Oct 14, 2024 3:40pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 114
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