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High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

November 11, 2021

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday.

In a closely watched monthly market report, OPEC said global demand for oil would grow by 5.7 million barrels a day this year, 160,000 barrels a day less than it expected last month. The revision means the oil-producers group now expects demand for oil in 2021 to total 96.4 million barrels a day.

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