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Another month, another downward revision. Forecasted global demand for OPEC crude took yet another hit this week, as both the International Energy Agency (IEA) and OPEC adjusted downwards their respective estimates for the call on OPEC crude for both this year, and next.
This comes as non-OPEC supplies – particularly from the US and Canada – continue to ramp up and dent OPEC’s share of the global oil market amid a global economic slowdown. Growth figures for the EU, Japan and Russia have all been revised down in recent weeks. Given the almost certain dent to world oil demand this implies, OPEC could be looking at further cooling of demand for its crude over the coming years.
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