OPEC again cuts 2024, 2025 oil demand growth forecasts

The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd it expected last month

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year, marking the producer group's fourth consecutive downward revision.

The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd it expected last month.

There is a wide split between forecasters on the strength of demand growth in 2024, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels. OPEC is still at the top end of industry estimates after the revision. OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd.