OPEC cuts oil demand forecast, sees weaker market share

  • "The outlook for global growth, at least in the short- and medium-term, has been revised down repeatedly over the past year... as U.S. tight oil (shale), in particular, has again outperformed expectations," OPEC wrote in its closely-watched annual World Oil Outlook.
  • As a result, the 14-member group lowered its outlook numbers for global oil demand growth, to 104.8M barrels per day by 2024, and 110.6M bpd by 2040.
  • OPEC's production of crude oil and other liquids is also expected to decline to 32.8M bpd by 2024, compared with 35M bpd in 2019.
  • Crude futures +0.3% to $56.73/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, BNO, SCO, DBO, DTO, OILU, USL, USOU, OILD, WTIU, USOI, OLO, OILK, SZO, USOD, OLEM, WTID, OILX, USAI, NRGD, NRGU, AOIL, NRGZ, YGRN, NRGO

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