JP Morgan expects oil demand to fall
JP Morgan has revised its forecast for oil demand in the third and fourth quarter of this year downward. In its review it motivated by the fact that gasoline consumption levels in the United United States and India were weaker than expected. The new forecast estimate is 300,000 barrels lower than the previous estimate of 97.7 b/d. By comparison, in the same period of 2019, the figure was higher by 3%. In the final quarter of the year, the bank expects demand will be 99.2 b/d, 230 thousand barrels less than the previous forecast. In India, JP Morgan now expects lower demand, explaining that that consumption recovery in that country is not happening as as quickly as anticipated. In addition, oil demand will fall in winter in the northern hemisphere, the bank believes. The situation would change only if energy production suddenly intensified. The bank left the fall-winter oil price forecast unchanged. changes.