OPEC Revises Q2 Oil Demand Amid Middle East Tensions

OPEC has revised its forecast for global oil demand in the second quarter of the year, pointing to the ongoing conflict in the Middle East as a significant factor influencing the decrease. Despite this revision, OPEC maintained its full-year global demand growth estimate, consistent with prior projections.

Amid escalating tensions in the Middle East, OPEC has adjusted its global oil demand forecast for the second quarter of the year. The monthly oil report, as reviewed by Reuters, indicates a downward revision influenced by regional conflict.

However, OPEC's projections for overall global demand growth throughout the year remain consistent with its previous estimates, suggesting stability beyond the immediate period.

The organization continues to monitor geopolitical developments closely, highlighting the delicate balance between regional turmoil and global market needs.

(With inputs from agencies.)