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International Business Times

Business

Wars Around The World Show No Signs of Abating. OPEC Cut Its Oil Demand Growth Forecast Further.

OPEC Oil International Energy Agency

OPEC cut its oil demand growth forecast for the year. It now expects it to reach 400,000 barrels per day, compared to 1.4 million barrels per day at the beginning of the year. (Credit: Reuters)

OPEC cut its oil demand growth forecast for the year as hostilities in the Middle East and Russia remain elevated with no signs of abating.

OPEC now expects it to reach 400,000 barrels per day, compared to 1.4 million barrels per day at the beginning of the year, according to Haitham Al Ghais, Secretary General of the organization. He expects for demand to increase again in 2027.

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