OPEC cuts crude demand growth forecast in 2024
The Organization of the Petroleum Exporting Countries has reduced its forecast for global oil demand growth this year, citing weakness in China, the world’s largest crude importer. OPEC said, in a monthly report, that world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month. "This slight revision reflects actual data received for the first quarter of 2024 and in some cases for the second quarter, as well as softening expectations for China's oil demand growth in 2024," OPEC said in the report.