OPEC Cuts Oil-Demand Forecasts as Economic Growth Slows

Global oil demand will be weaker than expected this year and next as economic growth slows, OPEC said Thursday, suggesting the cartel sees little need to increase output.

In its closely watched monthly market report, the Organization of the Petroleum Exporting Countries cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day. It also cut its demand forecasts for 2023 by the same amount to 102.72 million barrels a day.

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