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The Nexus
BUSINESSJul 14 · 12:40 UTCSEMAFOREd Clowes

OPEC trims oil demand forecast

OPEC reduced its 2024 global oil demand growth forecast by 20% for the third consecutive revision, citing the Strait of Hormuz closure's impact on supply and unmet OPEC+ production quotas. The UAE, which exited OPEC in May, increased crude output by 80% in June, contributing to a 3 million barrel-per-day rise in group production.

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OPECorganizationInternational Energy AgencyorganizationStrait of HormuzplaceUAEplaceOPEC+organization
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