OPEC Trims Oil-Demand Forecast Again, Strait of Hormuz Talks Stalled
OPEC has revised down its oil demand outlook once more, while negotiations over the Strait of Hormuz remain stalled, heightening market uncertainty.
OPEC has lowered its global oil-demand forecast for the second time. The revision comes as talks concerning the Strait of Hormuz remain at an impasse. The stalled negotiations over the critical shipping route are clouding the market outlook further.
The ongoing uncertainty around the key oil chokepoint adds to concerns about the strength of global crude demand. The combination of a weaker demand projection and geopolitical friction highlights headwinds for the oil market.
Source: First Squawk