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.
China accounted for most of the downgrade, with OPEC trimming its Chinese oil demand growth forecasts to 580,000 bpd from an earlier forecast of 650,000 bpd.
“Worries of slowing demand in China persisted amid weak refining margins and the prospect of the Autumn refinery maintenance season,” OPEC wrote in the report. The group noted that early in September, oil futures prices fell to multi-month lows—amid a broader decline in financial markets.
“Uncertainty about the significance of the U.S. interest rate cut dampened overall sentiments and economic optimism. The release of weak U.S. manufacturing data for August heightened economic concerns. Market sentiment was also affected by concerns about China’s economic outlook,” the group noted. […]
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