Growing worries about demand are creating a challenging outlook for the oil market, influenced by the dynamics of OPEC+ supply and U.S. tariffs, according to analysts from ING.
A Bloomberg survey has shown that OPEC increased its oil production in February by 240,000 barrels per day. The organization has now made the decision to reverse its production cuts, starting this April.
In another development, the Atlanta Fed’s GDPNow model has adjusted its forecast for the first quarter, predicting a 2.8% contraction in GDP growth. This marks a notable downgrade from their earlier projections, as pointed out by the analysts.
