Oil recap - OPEC cuts forecast for global demand (BP goes even further)

Author: Eamonn Sheridan | Category: News

OPEC published their monthly report on Monday, Giles had the key points:

OPEC also raised its estimate of non-OPEC supply over the next five quarters by an average 394kb/d, driven by US shale oil. 

As a reminder, the forecasts for lower demand higher supply come amidst OPEC+ raising its output - the group (and "+" partners) boosted quotas under the OPEC+ alliance supply agreement. 

Meanwhile, over the weekend, at the BP 'markets day' the firm said the days of ever-growing demand are over. 
BP's most bullish scenario sees demand no better than "broadly flat" for the next 20 years (BP cite energy usage transitioning away from fossil fuels)

---
ps. I respect BP's view on the transition, they are smart cookies, but ... yeah, not buying it. 
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose