OPEC cuts global oil demand growth forecast for 2024 and 2025, citing China's economic slowdown.

OPEC has reduced its forecast for global oil demand growth for the fourth consecutive month, predicting a 1.82 million barrels per day increase for 2024, down from 1.93 million previously. The 2025 forecast was also cut to 1.54 million barrels per day from 1.64 million. The revisions, partly due to China's economic slowdown, highlight challenges for OPEC and allies like Russia, who have delayed production increases amid falling oil prices.

November 12, 2024
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