OPEC cut its estimates for world oil demand this year and next. In a monthly report, the Organization of the Petroleum Exporting Countries cut estimates for global demand growth in 2024 by 135,000 barrels per day.
At a review meeting earlier this month, the alliance reaffirmed that the hike could be “suspended or modified” “depending on prevailing market conditions.”
Overshadowing fears about growing geopolitical tensions in the Middle East have caused oil prices to fluctuate in recent weeks. A barrel of Brent futures is priced around $80,
This year has risen to an average of 104.3 million barrels per day, or a “healthy” 2.1 million barrels.
