- Oil is trading down this morning, near the lowest levels since 2021
- WTI is down nearly $12 from its August high of about $80/Bbl
- OPEC modestly lowers demand forecast (BBG)
- OPEC forecasts global demand growing by 2.03 MMBbl/d this year, down from 2.11 MMBbl/d in July, an estimate much higher than many others have forecasted
- OPEC also cut its 2025 global demand growth estimate to 1.74 MMBbl/d from 1.78 MMBbl/d
- Despite this outlook, OPEC decided to delay their planned supply increase last week
- Brent-Dubai spread falls amid concerns over European demand (BBG)
- The spread measures the price difference between European and Middle Eastern crude and has more than halved in the past ten days
- The premium of Brent to Dubai fell to $1.54/Bbl after trading as high as $3.67/Bbl on August 30
- The spread jumped significantly in late August as Libyan supply was taken offline, but more recently, concerns over demand in Europe have led to prices subsiding
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