OPEC Revises Oil Demand Forecast Amid Middle East Tensions

OPEC adjusted its world oil demand forecast for Q2, reducing it by 500,000 barrels per day due to Middle East tensions. The updated demand projection stands at 105.07 million bpd. The quarterly weakness is expected to balance out later in the year, keeping the annual growth rates steady.

In its latest monthly oil report, OPEC has announced a revision in the global oil demand forecast for the second quarter, citing Middle East conflicts as a primary influence.

Projected demand is now set at 105.07 million barrels per day, a drop from the previous estimate of 105.57 million barrels.

The producer group assures that the identified weaknesses are likely temporary and anticipates a recovery in the latter half, maintaining unchanged expectations for annual growth figures.

(With inputs from agencies.)