Demand Concerns Grow on OPEC Cuts and China Woes
Fears of slowing oil demand are negatively affecting prices, particularly due to signals from China.
The Chinese Ministry of Finance announced fiscal support measures, but traders are frustrated by unclear timing and lack of focus on private consumption.
China’s oil imports have fallen for the fifth consecutive month, indicating weak economic conditions.
OPEC has reduced its global oil demand forecasts for 2024 and 2025 for the third month in a row, now projecting an increase of 1.93 million barrels per day (down from 2.03 million).
