Stalled air travel and manufacturing all but stopped in China, sapping demand for fuel following plunging crude prices.
Global oil prices fell on the news as forecasts predict a coming economic slowdown and a renewed supply glut.
Economic growth reduced to 3% for 2019 and 3.1% for 2020, down 0.1% in each year.
Trump’s sanctions on Iran are affecting the market.
Depends on the status of supply and demand, including global inventories.
Energy agency says next few weeks will be crucial in determining if production cuts are being implemented.
But longer term, analysts say it’s highly unlikely oil will return to $100 a barrel.
Production from the Organization of the Petroleum Exporting Countries hit a record high in September.
Excess supply has forced producers to work hard to bring costs down.
Oil-rich OPEC member looks to diversify its economy and create skilled jobs for a growing youth population.
Output is expected to average 4.35 million barrels a day, 20,000 barrels lower than an earlier prediction.
UAE energy minister says any change in strategy won’t be considered until June meeting.
Premier reiterates plan to look for in-house savings.
OPEC’s cloudy outlook affects government programs, but there could also be ripple effects in the broader world economy.
Report cites high consumption and throwaway habits for a C grade.