A bleak outlook on the oil market dampened prospects for energy companies such as Santos (ASX:STO), Woodside Energy Group (ASX:WDS), and Beach Energy (ASX:BPT) after the Organization of the Petroleum Exporting Countries, or OPEC, lowered its demand projection through to 2025.
The OPEC slashed its global oil demand growth forecast for 2024 by 80,000 barrels per day to 2 million bpd.
For 2025, global oil demand growth is forecast at 1.7 million bpd, lower by about 40,000 bpd than earlier estimates.
The OPEC said ongoing challenges in China, the world's largest crude customer, are expected to impact demand.
"[H]eadwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel and gasoline demand going forward," the cartel said in a report published on Sept. 10.
Brent crude oil was down to $69.19 per barrel on the ICE Futures Exchange in the wake of the report.
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