Giulia Petroni of The Wall Street Journal reports that the Vienna-based cartel now expects demand to grow by 1.82 million barrels a day this year and 1.54 million barrels a day the next. Petroni reports:
The Organization of the Petroleum Exporting Countries cut its forecast for oil-demand growth for the fourth consecutive month after further delaying its planned output hike amid market concerns over weaker global consumption and lower prices.
The Vienna-based cartel now expects demand to grow by 1.82 million barrels a day this year and 1.54 million barrels a day the next from previous estimates of 1.93 million and 1.64 million barrels a day, respectively.
The trim reflects data received so far this year, but the overall forecast remains optimistic. […]
Traders are also weighing what the impending return of Donald Trump as U.S. president will bring to the market—from increased drilling to higher trade tariffs and potentially stricter enforcement of sanctions against Iran. […]
The cartel kept its forecast for supply growth from countries not participating in the Declaration of Cooperation at 1.2 million barrels a day for 2024 and 1.1 million barrels a day in 2025, driven by the U.S., Brazil, Canada and Norway.
The International Energy Agency, another major energy market forecaster, is due to release its monthly oil report on Thursday. The Paris-based agency’s current projections remain substantially lower than OPEC’s, with oil-demand growth estimated at 862,000 barrels a day for this year and 998,000 barrels a day for 2025.
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