OPEC cuts 2024, 2025 global oil demand growth view again

OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group’s third consecutive downward revision.

The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from growth of 2.03 million bpd it expected last month.

There is a wide split between forecasters on the strength of demand growth in 2024...