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OPEC Forecasts That Global Daily Oil Demand In The Fourth Quarter Will Drop To 99.7 Million Barrels / Auckland Extends Fourth-level Quarantine Lockdown Until September 21

OPEC Forecasts That Global Daily Oil Demand In The Fourth Quarter Will Drop To 99.7 Million Barrels

In its latest monthly report, the OPEC lowered its forecast of global daily oil demand for the fourth quarter of this year by 110,000 barrels to 99.7 million barrels, mainly due to the global spread of the Delta variant virus. However, OPEC also raised its forecast of global daily oil demand for next year by 980,000 barrels to 10.08 million barrels, mainly due to increased global fuel consumption and production interruptions in other regions, increasing market demand for crude oil. Although its member states restore idle production capacity, in the coming months, the world will face a shortage of oil supply. The oil group is optimistic about the prospects for crude oil demand next year. Crude oil prices are supported and New York oil prices stabilized above US$70.

Auckland Extends Fourth-level Quarantine Lockdown Until September 21

New Zealand Prime Minister Ardern announced that on Tuesday (14th) the fourth-level epidemic prevention blockade in Auckland will be extended to September 21st. If the epidemic continues to be controlled, it will not be ruled out to be reduced to third-level. However, until September 22, other areas of the local area will maintain the second level of alert. Because there are signs that the blockade measures have successfully cut off several transmission chains, there is still a tendency to maintain the zero-clearing strategy in the short term. The New Zealand epidemic has been handled properly, which has gradually boosted local business confidence. In the latest September, the initial value of the ANZ Business Confidence Index recovered from minus 14.2% to minus 6.8.


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