OPEC Cuts Oil Demand Growth Forecast for 3rd Straight Month Amid Economic Uncertainty, Weak Market Sentiment

China accounted for most of the downgrade in projected demand, the group says.

Beachgoers enjoy the ocean in view of oil shipment and production vessels in Huntington Beach, Calif., on Sept. 12, 2024. John Fredricks/The Epoch Times

The Organization of the Petroleum Exporting Countries (OPEC) has cut its global oil demand growth forecast for the third consecutive month, citing persistent economic uncertainties and weakened market sentiment.

The group’s October monthly oil market report, released on Oct. 14, sees global demand rising by 1.9 million barrels per day (bpd) in 2024, down 106,000 bpd from its previous estimate.