OPEC Cuts Global Oil Demand Growth Forecasts For a Fourth Consecutive Month
- Group’s estimate of 2024 oil consumption down 18% since July
- OPEC+ to consider planned supply hikes at Dec. 1 meeting
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OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.
Global oil consumption will increase by 1.8 million barrels a day — just under 2% — in 2024, the Organization of Petroleum Exporting Countries in a monthly report. That’s 107,000 barrels a day less than previously forecast after data from across Asian nations like China and India, as well Africa, arrived below expectations, it said.