Further depreciation in emerging market currencies could seriously dent oil demand in large emerging economics, the Organization of the Petroleum Exporting Countries (OPEC) warned on Wednesday.
In its Monthly Oil Market Report, OPEC said the sell-off in emerging market currencies has only “slightly affected” crude oil prices to date, but stressed that further volatility could hit demand in the region.
“Emerging economies have been the main driver of oil demand growth in past year,” the report found.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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