Business
OPEC cuts oil demand forecast as economic growth slows
Global oil supply is gradually catching up with crude oil demand, bringing the oil market close to equilibrium, the Organization of the Petroleum Exporting Countries said, showing the- ten see little demand in the short term. to increase its output even more.
The Vienna-based group of producers cut their forecast for global oil demand this year by 260,000 barrels to 100.03 million bpd, citing the impact of growing global economies. slow down. It also cut its demand forecast for 2023 to 102.72 million bpd.