The Organisation of the Petroleum Exporting Countries (Opec) on Friday lowered its projections for growth of oil demand this year in response to a slowdown in world economic momentum.
Opec, in its February report, said demand would likely grow by 1,43% this year rather than its previously estimated 1,52%.
“Risks to the world economy have increased considerably in January on mounting evidence of a slowdown in the United States economy, fuelling fears of an outright recession with uncertain repercussions for the rest of the world,” the report said. — AFP
Subscribe for R500/year
Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.
Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and get a 57% discount in your first year.