OPEC Cuts Oil Demand Outlook

• 3 min read
OPEC Cuts Oil Demand Outlook

MARKET MOVERS

  • OPEC cuts oil demand outlook as it starts to curb production. 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. The cutbacks are aimed at keeping markets in balance.*
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