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 has cut 2024 demand growth by 210,000 barrels a day to 1.6 million barrels a day, 27% below its first estimate made in July, Bloomberg reported.  The OPEC secretariat said the revision takes “into account recently received bearish data” for the third quarter,” including “downward revisions to OECD Americas and OECD Asia Pacific.” Different energy agencies have been issuing varying…