Reported about 13 hours ago
OPEC has significantly reduced its oil demand growth forecasts for 2024, cutting projections by 210,000 barrels per day to 1.6 million barrels per day after five consecutive months of downgrades. This reduction comes as the organization recognizes deteriorating market conditions and extends supply curbs, with oil prices declining 17% since July. OPEC's forecasts remain notably higher than those of major financial institutions, raising questions about the accuracy of its long-term predictions for oil consumption growth.
Source: YAHOO