OPEC lowers its demand forecasts

In the latest report, OPEC sees a decline in demand this year at 9.5 million barrels per day compared to the previous year. The demand forecast for OPEC crude oil was lowered by 700,000 barrels per day. Interestingly, for the next year the forecast was even lower, namely by 1.1 million barrels per day. August production of OPEC according to primary source increased by 760,000 barrels per day to 24.05 million barrels.

Crude oil does not react positively to this information, although initially, during the publication of the report, the price came close to USD 40 per barrel. A dozen or so minutes later, the price fell closer to today's lows.

Oil fell in response to the OPEC report. Source: xStation5

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