OPEC says world oil demand will rise by 1.93 million barrels per day in 2024, down from growth of 2.03 million barrels per day it expected last month.

Announcing its forecast cut for global oil demand growth in 2024 in a monthly report, OPEC said China accounted for the bulk of the 2024 downgrade, as it trimmed its Chinese growth forecast to 580,000 barrels per day from 650,000 barrels per day

OPEC said this year’s demand growth was still above the historical average of 1.4 million barrels per day seen prior to the COVID-19 pandemic, which caused a plunge in oil use.

For next year, OPEC cut its 2025 global demand growth estimate to 1.64 million bpd from 1.74 million bpd.

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