OPEC’s Major Adjustment: Downgraded Global Oil Demand Forecast

The U.S. "Mini OPEC" warns of oversupply concerns as major U.S. refiners cut capacity. OPEC has lowered its 2024 global oil demand growth forecast by 135,000 barrels per day. In the coming weeks, they will decide whether to proceed with the planned production increase starting in October. Four major U.S. refiners, accounting for 40% of the country's gasoline and diesel capacity, are planning to cut production. Marathon Petroleum, the largest refiner, will reduce the average capacity of its 13 plants to 90% in the third quarter, the lowest level for this period since 2020.