oil opec

The slowdown in global trade growth has had a negative impact on oil prices, with oil prices falling by 20% this year. Daxing also looked at the price of oil, Morgan Stanley’s latest report, this year’s Brent oil target price from 65 yuan per barrel (US dollar ‧ the same) to 60 yuan, and the West Dess medium oil ( WTI) predicted oil prices in the third and fourth quarters, from 58 yuan to 55 yuan.

The bank pointed out in the report that the current slowdown in oil demand growth remains unchanged. Under the slowdown of global economic growth, it is expected that the growth in demand for crude oil will weaken.

The bank will reduce its average daily demand growth forecast from the original 1 million barrels to 800,000 barrels. The average daily demand growth forecast for next year will be reduced from 1.4 million barrels to 1 million barrels.

Morgan Stanley pointed out that if the Organization of Petroleum Exporting Countries (OPEC) wants to ensure the balance of the oil market, there is a need to reduce production next year. It is expected that the average daily output of OPEC will decrease by 1 million barrels next year.

Sign Up for Our Newsletters

Get notified of important news and special executive deals.

You May Also Like

Hong Kong stocks fell to nearly 500 points and 27,000 points lost to Tencent and HSBC Holdings

The political situation in Hong Kong is still quite tense. US President…

Damo refers to the worst case of Tesla’s share price or only worth $10 to pass Apple’s bid to $240.

Tesla, the US electric car maker, has been falling, and its share…

Crypto market update

This week, the crypto market’s growth was limited due to the pricing…

Iran warns: oil prices in the Persian Gulf will break through 100 dollars if it breaks military conflict

The relationship between the United States and Iran has continued to be…