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OPEC Sees Weaker Outlook as Demand Falters, Shale Recovers

  • Group cuts 2021 demand estimate for its oil by 1.1 million b/d
  • Key producers due to hold monitoring meeting later this week
Fuel pumps stand empty at a Phillips 66 gas station in Princeton, Illinois, U.S.

Fuel pumps stand empty at a Phillips 66 gas station in Princeton, Illinois, U.S.

Photographer: Daniel Acker/Bloomberg
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OPEC downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from U.S. shale drillers.

The figures raise questions about the group’s decision to ease production cuts last month. The Organization of Petroleum Exporting Countries added 760,000 barrels a day to global markets in August, just as its analysts were revising down demand for its crude by more than 1 million barrels a day.