In today’s briefing:
- OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices
OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices
- OPEC cuts demand growth estimates for the third consecutive month, lowering its 2024 and 2025 forecasts by 4.9% and 5.7%, respectively, citing demand weakness in China.
- Total production of OPEC members obliged to implement supply cuts averaged 21.32m bpd in September, exceeding the target by 180k bpd.
- The EIA reduced its 2024 and 2025 oil price forecasts due to September’s sharp decline but expects prices to rise from current levels on declining oil inventories.
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