OPEC has cut its forecast for global oil demand growth and warned of potential f...
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries is seen outside their headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo
The oil producer group and its allies meet in the coming weeks to decide whether to maintain supply curbs, with some having become alarmed by a steep slide in prices, despite U.S. President Donald Trump pressing for action to lower prices. “Throughout the first half of this year, ongoing global trade tensions have escalated,” OPEC said in the report, adding that the potential for these disputes to affect global demand poses “significant downside risks”.
Despite the supply cut, oil has tumbled to $61 a barrel from April’s 2019 peak above $75, pressured by fears over the U.S.-China trade dispute and an economic slowdown, though prices jumped 4% on Thursday after suspected attacks on two oil tankers in the Gulf of Oman.
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