OPEC: “exaggerated” concerns about oil demand are the reason for the decline in prices

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) expressed cautious optimism regarding the fundamental factors influencing the oil market in 2024. OPEC attributed the recent decline in oil prices to “exaggerated concerns” about demand. Despite the recent drop in prices, OPEC maintained its relatively high forecast for oil consumption in 2024.

Brent crude had experienced a decline to a six-month low, reaching approximately $72 a barrel. This marked a significant decrease from its peak in September 2023, when it reached around $98 a barrel.