OPEC Cuts Global Oil Demand Growth Forecast for 2024 Amid Economic Uncertainty
Key Points OPEC cut its 2024 global oil demand growth forecast to 2.03 million bpd, down from 2.11 million bpd. China's demand growth estimate lowered to 650,000 bpd due to economic challenges and a shift towards cleaner energy. OPEC+ is facing challenges in managing the oil market, and plans to increase production have been delayed following recent price declines. OPEC also trimmed its 2025 demand growth forecast from 1.78 million bpd to 1.74 million bpd. OPEC has revised its global...