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OPEC Cuts Oil-Demand Growth Forecast as Brent Crude Prices Top $100
The Organization of the Petroleum Exporting Countries once again cut its forecast for global oil-demand growth for this year, as escalating attacks on Gulf shipping continue to disrupt key export routes and send oil prices past $100 a barrel.
The group of oil-rich countries expects global demand to grow by 380,000 barrels a day, down from 580,000 barrels a day previously. Next year’s demand growth is now seen at 2.36 million barrels a day, up from a previous estimate of 2.16 million barrels a day.
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