OPEC lowers oil demand growth forecast, oil prices remain on the rise! Keep an eye on the IEA monthly report.
It is expected that petroleum demand will increase by 2.11 million barrels per day to reach 0.1043 billion barrels per day by 2024, a decrease of 0.135 million barrels per day from the forecast in July.
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USA refinery producers are slowing down production, exacerbating concerns about global crude oil oversupply.
Some top oil refiners in the USA are reducing their operation of refining facilities this quarter, which is exacerbating concerns about the global oversupply of crude oil products.
