OPEC Drops 2024 Crude Oil Demand Forecast For Second Straight Month
For the second consecutive month, OPEC slightly cut its forecast for 2024 global crude oil demand in its September Oil Market Report published Tuesday.
OPEC again lowers 2024, 2025 global oil demand growth view
OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision.
OPEC Trims Oil Demand Outlook Further Amid Price Slump
OPEC slightly cut its forecast for oil-demand growth after delaying its planned output hikes last week in a bid to support sinking prices.
Crude Oil Prices Fall to Lowest Level of 2024 as OPEC Cuts Demand Outlook
U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.
OPEC cuts outlook for oil demand further as prices fall
The Organization of the Petroleum Exporting Countries on Tuesday lowered its growth forecast for oil demand. The update comes a week after the cartel sought to support prices by delaying planned increases to crude output.
Russia cut August oil output by 0.3% from July, OPEC says
Russia cut crude oil output in August by about 0.3% from July to 9.059 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday, citing data from secondary sources such as consultancies.
U.S. crude oil sheds gains, falls more than 1% to trade below $68 per barrel as OPEC cuts forecast
OPEC now expects demand to grow by about 2 million barrels per day in 2024, some 80,000 bpd slower than its previous forecast.
Brent crude dips below $70 after OPEC signals fall in oil demand
Crude oil prices plunged by more than $3 per barrel on Tuesday, ending the day below $70 a barrel for the first time since November 2021. The fall in prices came after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies lowered their demand outlook for 2024 and 2025.
Weak Demand And Strong Non-OPEC Supply Put Cartel On Defensive
The OPEC+ cartel has responded to weakening demand for oil by delaying restoring production that it had cut previously to ...
Divergent EIA, IEA And OPEC Oil Data And Forecasts Suggest Market Turmoil On The Way
Oil prices declined due to perceived global economic slowdown and conflicting supply/demand forecasts from EIA, IEA, and OPEC ...
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Does OPEC Still Hold Sway Over U.S. Oil Markets?
OPEC's continued influence on US oil markets persists despite the U.S. being the world's leading oil producer.
OPEC’s Quick Fix Masks Bigger Worry: Too Much Oil Next Year
OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t ...
How Texas oil companies complicate OPEC's planned production cuts
OPEC+ members like United Arab Emirates, Iraq and Kazakhstan have become reliant on investment from oil companies like Exxon ...
Saudi Arabia and Allies Delay Plan to Increase Oil Output
OPEC Plus will extend its cuts until at least December. Demand has weakened, and other countries, including the United States ...
Citigroup Sees Brent Crude Rallying to $75/bbl, But Ending 2025 at $60/bbl -- OPIS
Citigroup on Sunday said it believes OPEC and allied producers, known as OPEC+, will likely extend current output cuts into 2025 and predicted Brent crude prices could rally to $75/bbl or more over ...
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OPEC celebrates 64 yrs of influence in the oil industry
OPEC’s primary objective was to secure a fair price for its members’ natural resources and enhance their understanding of the ...