OPEC is leaving its oil demand forecasts unchanged as it works to revive more production, but is pointing to fiscal concerns and persistent trade uncertainties, The Wall Street Journal’s Giulia Petroni reports. The cartel expects global oil demand to grow by 1.3 million barrels a day this year and 1.38 million barrels a day the next, while global economic growth estimates have also been maintained at 3% and 3.1% for the respective periods, though OPEC said “concerns about high debt levels in key economies and U.S. debt yields call for close monitoring in the near term.” Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVX:
- Energy names slip as front-month Crude Oil falls below $60 per barrel
- Chevron price target raised to $165 from $160 at Scotiabank
- Chevron’s Hold Rating: Balancing Current Challenges with Future Opportunities
- U.S. Big Oil Hit with Price Cuts as Outlook Dampens Ahead of Q3
- Chevron price target lowered to $158 from $160 at Barclays