High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

Posted on AllSides November 11th, 2021
From The Center
energy, oil, OPEC
PHOTO: RAMZI BOUDINA/REUTERS

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday.

In a closely watched monthly market report, OPEC said global demand for oil would grow by 5.7 million barrels a day this year, 160,000 barrels a day less than it expected last month. The revision means the oil-producers group now expects demand for oil in 2021 to total 96.4 million barrels a day.

Soaring fuel costs amid a global energy crunch were showing signs of...

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https://www.wsj.com/articles/high-energy-prices-likely-to-mean-less-oil-demand-this-year-opec-says-11636635602

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