BAGHDAD: Oil prices fell 3% during early Asian trading on Tuesday, following a downward revision in the global oil demand forecast by the Organization of the Petroleum Exporting Countries (OPEC) for the years 2024 and 2025.

According to National Iraqi News Agency, the decline in oil prices was marked by Brent crude futures dropping $2.27 to settle at $75.19 a barrel, and US West Texas Intermediate crude futures decreasing by $2.22 to $71.60 a barrel. This significant drop extends the previous day’s 2% fall, reflecting growing concerns about future oil demand amidst various global economic pressures.

OPEC’s revised forecast has adjusted the expected growth rates for global oil demand, suggesting a slower than previously anticipated increase in the coming years. This adjustment is based on a variety of factors including economic projections, technological advancements in energy, and evolving regulatory environments that could impact oil consumption.

The impact of these revised forecasts is significant for oi
l markets, as OPEC’s predictions often influence trading behaviors and can affect global oil prices. The current decrease is seen as a direct response to the anticipation of reduced demand, which may lead to sustained lower prices if the trends continue as forecasted.