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