Morgan Stanley Slashes Global Oil Demand Growth Forecast For 2024: Report
Portfolio Pulse from Lekha Gupta
Morgan Stanley has reduced its global oil demand growth forecast for 2024 due to slower economic growth in China, increased electric vehicle adoption, and a rise in LNG-powered trucks. The bank also lowered its Brent price forecast, expecting prices to average $80 per barrel in Q4, down from $85. OPEC has also revised its global oil demand growth estimates for 2024 and 2025.
August 26, 2024 | 11:17 am
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Morgan Stanley has revised its global oil demand growth forecast for 2024, citing factors like China's economic slowdown and increased EV adoption. The bank also lowered its Brent price forecast for Q4.
Morgan Stanley's revision of the oil demand growth forecast and Brent price target indicates a bearish outlook on the oil market, which could impact investor sentiment negatively. The bank's analysis is significant given its influence in the financial markets.
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