OPEC Lowers Q2 Oil Demand Forecast Amid Middle East Conflict

OPEC has revised its forecast for global oil demand in the second quarter of this year, citing the ongoing conflict in the Middle East. According to the organization's latest report, oil demand is projected to average 105.07 million barrels per day (bpd) in Q2, down from a previous estimate of 105.57 million bpd.

This reduction of 500,000 bpd marks a significant downward revision and reflects the impact of the war on global energy markets. However, OPEC notes that this weakness is expected to be offset in the second half of the year.

The organization's full-year demand growth forecast remains unchanged at this time, indicating a degree of confidence in the market's ability to recover from current challenges.