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Commodities

OPEC Cuts Demand Growth Forecast Amid US-Iran Talks Deadlock

Guavy AI Editorial Team
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Oil
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OPEC has lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day. This marks the fourth consecutive downward revision by OPEC.

The International Energy Agency (IEA) has also cut its 2026 demand projections, forecasting a contraction of 1.6 million barrels per day this year.

Brent futures rose slightly on Wednesday, settling up 7 cents at $88.98 a barrel, while US West Texas Intermediate increased by 7 cents to $83.27 as investors weighed the US-Iran talks deadlock against lower demand projections.

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