OPEC has cut its global oil demand growth forecasts

OPEC has cut its global oil demand growth forecasts for 2024 for the fifth consecutive month, reducing the outlook by 210,000 barrels per day to 1.6 million barrels per day. This reflects a 27% decline in projections since July, citing weak market conditions. The OPEC+ alliance, led by Saudi Arabia and Russia, has delayed restarting halted crude production until April 2024 and will slow planned increases. Oil prices, pressured by a slowing Chinese economy and rising output from non-OPEC producers, have dropped 17% since July, leaving Brent crude at around $73 per barrel.

OPEC oil outlook

Two weeks ago Oil prices was under pressure due to high interest rates, a strong dollar, and increased U.S. oil production. The OPEC+ group, which has been curbing output, met to set production targets amidst weak global manufacturing and tepid economic growth. Additionally, crude prices have fallen further after the U.S. presidential election, as expectations of increased U.S. oil production under a second Trump administration weigh on the market.

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