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On October 14, according to the Beijing News, the Organization of the Petroleum Exporting Countries (OPEC) revised down its global oil demand forecast for this and next year. The forecast for global daily oil demand growth was reduced from 2.03 million barrels to 1.93 million barrels for this year, and from 1.74 million barrels to 1.64 million barrels for next year. This move reflects the weakening global oil demand to some extent, and major oil-producing countries may continue to delay voluntary production cuts to stabilize international crude oil prices.
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