OPEC lowered its global oil demand growth forecast for 2024 and 2025 for the fourth month in a row, citing weaker demand in China and other Asian markets.
For a fourth consecutive month,
now expects global oil demand to grow by 1.82 million barrels per day bpd this year, down by 107,000 bpd from last month's assessment, the cartel said in its closely-watched Monthly Oil Market Report. Total world oil demand is anticipated to reach 104.
's latest downward revision of demand forecasts follows its decision from earlier this month to delay the beginning of the reversal of the production cuts to January 2025 from December 2024. The downward revision of global demand growth forecasts reflected yet another reduction in cut China's demand growth forecast to 450,000 bpd this year, down from 580,000 bpd growth expected last month. The assessment of Chinese oil demand growth in 2025 was also cut by around 100,000 bpd and
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