OPEC Urges Caution as It Cuts First-Quarter Oil Demand Forecast
- Group has just implemented 2 million barrel-a-day cut
- Sees finely-balanced market rather than deficit in early 2023
This article is for subscribers only.
OPEC urged “vigilance and caution” on its members as it reduced estimates for the amount of crude the group will need to pump in the coming months.
The Organization of Petroleum Exporting Countries now sees a finely-balanced market in the first quarter of 2023, instead of the deficit implied by its forecasts a month ago. The group’s latest figures follow an 11% slump in crude prices last week on concerns over weaker fuel consumption.