OPEC Lowers 2024 Global Oil-Demand Growth Forecast By 135,000 B/D To 2.1M B/D
Portfolio Pulse from Benzinga Newsdesk
OPEC has revised its 2024 global oil-demand growth forecast down by 135,000 barrels per day to 2.1 million barrels per day. This adjustment reflects a more cautious outlook on global oil consumption.
August 12, 2024 | 10:46 am
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NEGATIVE IMPACT
OPEC's downward revision of the 2024 global oil-demand growth forecast may impact the broader market, including the S&P 500, as it signals potential economic headwinds.
The S&P 500 (SPY) includes major energy companies that could be affected by lower oil demand, potentially leading to broader market implications.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to be directly impacted by OPEC's lowered oil-demand growth forecast, which could lead to a decrease in oil prices.
USO, which tracks the price of oil, is directly affected by changes in oil demand forecasts. A lower demand growth forecast typically leads to lower oil prices.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90