OPEC Maintains Lower Demand Forecast; Oil Futures Dive

24/7 Wall St.

Oil TankerThe Organization of Petroleum Exporting Countries (OPEC) released its May Oil Market Report this morning. The cartel did not materially change its forecast for global demand growth of 800,000 barrels a day to a total of 89.7 million barrels a day.

But the cartel did revise downward its demand projections for the first quarter based on actual data. In its April report, OPEC forecast global demand of 89.7 million barrels a day. The May report cuts that to 89 million barrels a day in the first quarter. But OPEC says:

The latter half of the year will see much higher oil use, reaching 90.1 mb/d and 90.9 mb/d in the third and fourth quarters, respectively. For the whole year, world oil demand growth is expected to increase by 0.8 mb/d to average 89.7 mb/d, unchanged from the previous assessment.

And that is the way the world goes around.

There is…

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