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OPEC cuts oil demand growth forecast for a third consecutive month

OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas.

The move is likely to add to growing pressure on the Middle East-dominated group to impose a deeper round of production cuts at its December meeting.

In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). That’s down 40,000 b/d from its September estimate.

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