OPEC Says Weak Oil Demand Is Here to Stay
- Refiners in U.S., Europe could cut purchases on weak profits
- Bloc’s output rises to 33.1 million barrels a day in July
The Outlook for Demand and Production of Oil
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Weakness in global oil markets, which has dragged prices to a three-month low, may persist as demand slows seasonally and fuel inventories remain abundant, OPEC predicted.
There are “lingering concerns” that U.S. and European refiners may reduce processing rates as profits fade amid a continuing “overhang” of crude and refined fuels, the Organization of Petroleum Exporting Countries said in its monthly report. Gasoline consumption will taper off in the U.S. with the end of the summer-vacation driving season, it said.