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Thursday, 14 April 2016

OPEC may further cuts forecast for global oil demand

OPEC could deepen cuts to its forecast for global oil demand growth because of slowing “economic expansion in emerging markets, warmer weather and the removal of fuel subsidies,” Bloomberg reports. “Current negative factors seem to outweigh positive ones and possibly imply downward revisions in oil demand growth, should existing signs persist going forward,” the organization’s Vienna-based secretariat said in its monthly market report. OPEC nations are set to meet with Russia and other non-members in Doha this weekend to seal the deal on an oil output freeze on which “positive market sentiments continue to arise,” said the report.

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