OPEC Cuts Oil Demand Outlook as It Starts to Curb Production
- Fourth-quarter outlook down by 1 million b/d in past 2 months
- Supply curbs starting this month should eliminate surplus
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OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance.
Due to a weaker economic backdrop and China’s strict anti-Covid measures, the Organization of Petroleum Exporting Countries lowered estimates for the amount of crude it will need to pump this quarter by 520,000 barrels a day, following a similar-sized downgrade a month ago.