OPEC as soon as once more makes cuts to its 2024 and 2025 oil demand progress forecasts

• 2024 world oil demand progress forecast seen at 1.61 mil bpd (beforehand 1.82 mil bpd)
• 2025 world oil demand progress forecast seen at 1.45 mil bpd (beforehand 1.54 mil bpd)

On the adjustments, OPEC says that the downgrade for this 12 months owes to extra bearish information acquired in Q3 whereas the projections for subsequent 12 months relate to the potential influence that may come up from US tariffs. Nicely, there’s at all times a cause for all the things they do/say. However one additionally has to keep in mind that OPEC has been approach too bullish with their forecasts for the reason that center of the 12 months already. So, there’s that.

This text was written by Justin Low at www.ubaidahsan.com.



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