OPEC Trims Estimate Of Q1 2024 Total Oil Demand By 50,000 BPD To 103.51M Barrels/Day; Increases Q2 2024 Forecast By 50,000 Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
OPEC has adjusted its oil demand forecasts for 2024, reducing the Q1 estimate by 50,000 barrels per day to 103.51 million barrels per day, while increasing the Q2 forecast by 50,000 barrels per day.
June 11, 2024 | 12:03 pm
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NEUTRAL IMPACT
OPEC's revised oil demand forecasts for 2024 could impact the United States Oil Fund (USO). The reduction in Q1 demand may put downward pressure on oil prices, while the increase in Q2 demand could provide some support.
The United States Oil Fund (USO) is directly influenced by changes in oil demand forecasts. The reduction in Q1 demand could lead to a short-term decrease in oil prices, negatively impacting USO. However, the increase in Q2 demand may offset this effect, leading to a neutral overall impact in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80