OPEC Cuts Oil Demand Growth Estimates as China’s Economy Struggles

Underwhelming data so far this year and expectations of softening Chinese demand growth prompted OPEC to cut its forecasts of global oil demand growth this year and next, in the first downward revision since the organization issued its initial estimate for 2024 a year ago. Global oil demand is set to grow by 2.11 million barrels per day (bpd) in 2024, a still “healthy” growth pace, well above the historical average of 1.4 million bpd seen prior to the pandemic, OPEC said in its Monthly Oil Market Report (MOMR) published on Monday. But…