Commodities
OPEC Makes Deepest Cut Yet to 2024 World Oil Demand Forecast
- Group makes fifth reduction to estimate amid signs of weakness
- Alliance agreed last week to delay, slow revival in its output
Photographer: Bloomberg
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OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.
The Organization of Petroleum Exporting Countries chopped projections for consumption growth in 2024 by 210,000 barrels a day to 1.6 million barrels a day, according to its monthly report. The cartel has slashed projections by 27% since July as it belatedly recognizes the deteriorating market picture.