Saturday, May 8, 2021
telegram SH
Whatsapp 9787748839374893773 1

images 23 1609798193847

HomeNewsGeneral NewsOPEC Cuts Oil Demand Outlook

OPEC Cuts Oil Demand Outlook

OPEC Cuts Oil Demand Outlook

The Organisation of Petroleum Exporting Countries (OPEC) says it has cut its forecast for global oil demand growth and warned of potential further cuts as international trade disputes continue to fester.

OPEC said in its monthly report published on Thursday that world oil demand would rise by 1.14 million barrels per day (bpd) this year, 70,000 bpd less than previously expected.

Throughout the first half of this year, ongoing global trade tensions have escalated,” OPEC said in the report.

It added that the potential for these disputes to affect global demand poses “significant downside risks”.

OPEC and its allies will meet in the coming weeks to decide whether to maintain supply curbs, with some having become alarmed by a steep slide in prices.

U.S. President Donald Trump has pressed for action to lower prices. Observers see the cut as building a case for prolonged supply restraint over the rest of 2019.

OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million bpd. They will meet over June 25 and June 26 or in early July to decide whether to extend the pact.

Despite the supply cut, oil has tumbled to $61 a barrel from April’s 2019 peak above $75, pressured by fears over the U.S.-China trade dispute and an economic slowdown.

Vienna-based OPEC also said its output fell in May as U.S. sanctions on Iran boosted the impact of the supply pact.

Production by all 14 OPEC members dropped by 236,000 bpd to 29.88 million bpd,” OPEC said.

In addition to lowering its demand forecast, OPEC said that oil inventories in developed economies rose in April, suggesting a trend that could raise concern over the possible build up of an oil glut.
[NAN]


SEE HOW TO MAKE MONEY ON THIS PLATFORM>>[http://bit.ly/2PvYHfC]

Donate to support Freshreporters=>https://freshreporters.com/support




DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo [email protected]

For Advert and other info, you can send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

telegram iconJoin our Telegram Group

facebook iconLike our Facebook Page

whatsapp iconJoin our WhatsApp Group

twitter iconFollow Us on Twitter

facebook iconJoin Our FACEBOOK GROUP

instagram iconFollow Us on Instagram

youtube iconSubscribe to our YouTube Channel


PROMO SALES!!! Get cheap WRISTWATCH, SHADES & BRACELET collections😘💃

wristwatch, shades, bracelet

4 COMMENTS

Most Viewed news