{"id":549078,"date":"2022-09-01T03:30:54","date_gmt":"2022-09-01T03:30:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/"},"modified":"2022-09-01T03:30:54","modified_gmt":"2022-09-01T03:30:54","slug":"opec-cuts-oil-supply-forecast-for-this-year-and-the-next","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/","title":{"rendered":"OPEC+ cuts oil supply forecast for this year and the next"},"content":{"rendered":"

<\/a> Oil prices fell for a third consecutive month in August <\/strong>as the combination of global monetary tightening to check rampant inflation and China\u2019s ongoing zero-covid strategy put the brakes on demand, Bloomberg reports<\/a>. The three-month slump in prices is the longest since the pandemic-era and breaks a months-long bull run in the global oil markets on the fallout from Russia\u2019s invasion of Ukraine and tighter supply. Brent crude futures fell 8.6% during the month, ending yesterday\u2019s trading session at USD 95 per barrel.<\/p>\n

What\u2019s the outlook on supply? <\/strong>OPEC+ has slashed in half its supply forecasts for this year as some of its members reduce production, according to Bloomberg<\/a>. The alliance of oil producers now expects there to be a surplus of 400k barrels a day this year, and is forecasting a 300k bpd deficit next year after having previously predicted a 900k bpd surplus. The forecast will likely increase speculation that OPEC+ members could soon cut production to support prices, as the Saudi energy minister indicated<\/a> last week.<\/p>\n

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The terrible economic and market data continue to roll in from Europe, the UK and the <\/strong>US:<\/strong><\/p>\n