OPEC says trade tensions hurting oil demand, slashes consumption estimates

OPEC said demand increased by less than 1 million barrels a day in the first quarter after cutting its assessment by more than 20%

OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead.

The organization, due to meet in the coming weeks to set production levels for the second half, said demand increased by less than 1 million barrels a day in the first quarter after cutting its assessment by more than 20%. The world economy is headed for its weakest growth in a decade, buffeted by a prolonged tariff battle between the US and China.

“Throughout the first half of this year, ongoing global trade tensions have escalated,” resulting