Key Points
TOKYO (Reuters) Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices...
The U.S. Energy Information Administration has slightly raised its expectation of U.S. oil output to an average 13.23 million barrels per day this year, or 300,000 bpd higher than last years record of 12.93 million bpd, and up from 13.22 million bpd forecast earlier...
The agency also raised its global oil output forecast for 2024 to 102.6 million bpd, from its prior forecast of 102.5 million bpd..
This comes after the Organization of the Petroleum Exporting Countries on Tuesday again cut its global oil demand growth forecast to 1.82 million bpd in 2024, down from 1.93 million bpd forecast last month, on weak demand in China, India and other regions, sending oil prices to their lowest in nearly two weeks...
The EIA forecasts oil demand growth weaker than OPEC, at about 1 million bpd in 2024, although that is up from its prior forecast of about 900,000 bpd...
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