OPEC cut its world oil demand forecast | 12 November 2021

12 November 2021, GBP/USD

OPEC cut its world oil demand forecast

GBPUSD trading plan:

OPEC cut its world oil demand forecast for the last quarter of 2021 as high energy prices curb the recovery from COVID-19. OPEC said it expects oil demand to average 99.49 million barrels per day in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The year's demand growth forecast was trimmed by 160,000 bpd to 5.65 million bpd. "A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report. OPEC now sees world consumption surpassing the 100 million bpd mark in the third quarter of 2022, three months later than forecast last month. On an annual basis according to OPEC, the world last used over 100 million bpd of oil in 2019. This is a negative signal for oil and the British currency, as assets correlate with each other.

Investment idea: sell 1.3398 and take profit 1.3354.

One of the highest demand products in FreshForex is invest-portfolios. Invest-portfolio is an optimal tool for both beginners and experienced traders due to its high efficiency and low work efforts.

This is the 10 portfolio developed by FreshForex specialists. Each of the previous nine portfolios showed positive results, with a total return of 110,7%.

2 steps to get the Invest-portfolio:

✔ Make a deposit of $90 or more until November 29. You fully use these funds in trading. ✔ Send a request to school@freshforex.com with your account number funded.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus