Oil Prices Under Pressure As Standard Chartered Lowers Global Demand Forecast

Standard Chartered says it no longer expects next year’s global oil demand to surpass the all-time highs of 2019 and has downgraded its demand growth forecast along with its U.S. GDP forecast.    In the aftermath of the OPEC+ decision to cut output by 2 million barrels per day in November, Standard Chartered has revised its oil market balances, forecasting 2023 oil demand growth at 1.26 million barrels per day, which represents a reduction of 900,000 bpd from the beginning of this year.  Standard Chartered’s model “implies”…