OPEC Further Trims Oil-Demand Forecast

OPEC makes fifth and biggest cut to 2024 oil demand growth forecast
OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's sputtering role as the world's demand growth engine.
OPEC Makes Deepest Cut Yet to 2024 World Oil Demand Forecast
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.
Brent Crude - Oil Prices Rise Despite Largest OPEC Forecast Cuts Of 2024
Oil prices continued its steady move higher on Wednesday, up around 1.27% at the time of writing. This is a slight surprise given that OPEC downgraded its 2024 and 2025 forecasts.
OPEC again cuts 2024, 2025 oil demand growth forecasts
OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer group's fifth consecutive downward revision. The weaker outlook highlights the challenge facing OPEC+,
OPEC Plus Preserves Export Cuts Amid Slowing Demand Growth
It was barely half a year ago when the member countries of the OPEC+ oil cartel announced plans to unwind deep cuts in production and exports beginning October 1.
OPEC Cuts Oil Demand Projections A 5th Straight Month
OPEC has cut oil demand growth forecasts for 2024 and 2025 for a fifth straight month, with the latest cut so far the deepest.
Opec cuts 2024 oil demand forecast amid weaker quarterly data
Global oil demand is expected to rise by 1.61 million barrels per day in 2024, a slight downwards revision from last month’s forecast of 1.82 million bpd, according to the latest figures released in Opec’s monthly oil market report on Wednesday.
OPEC makes deepest cut yet to world demand forecast
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.
OPEC Gives Haitham Al-Ghais Second Term as Secretary-General
OPEC appointed Haitham Al-Ghais for a second three-year term as its secretary-general, extending his tenure until mid-2028.
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OPEC’s Oil Production Rose in November as Libyan Output Jumped
OPEC's crude oil production increased in November, primarily due to higher output from Libya and Iran, despite the OPEC+ ...
OPEC Plus Postpones Plan to Increase Oil Output for Three Months
The oil cartel had aimed to start opening the taps in January, but delayed in the face of weak demand and plans by other ...
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OPEC appoints Ademola Adeyemi-Bero as chairman board of governors for 2025
The Organisation of the Petroleum Exporting Countries (OPEC) has appointed Ademola Adeyemi-Bero as the chairman of its board ...
OPEC again cuts its 2024 and 2025 oil demand growth forecasts
OPEC said it now expects 2024 global oil demand to rise by 1.61 million barrels per day, down from its forecast of 1.82 ...
OPEC’s market power is ‘less than you would imagine’ and the US doesn’t need to get fussed over the cartel, State Dept. official says
Obituaries for OPEC have been prematurely written before, but the emergence of new producers outside of the oil cartel and ...
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OPEC Fund approves close to $1bln in new development financing
Aiming to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries ...
The US and other crude producers will take more oil market share from OPEC in the coming years, Bank of America says
The US and other oil-producing nations will account for the bulk of crude supply growth in 2025, Bank of America said.