For a fourth consecutive month, OPEC slashed on Tuesday its estimate of global oil demand growth for both this year and next, citing downward revisions in China and other Asian markets after seeing actual consumption data year to date. OPEC now expects global oil demand to grow by 1.82 million barrels per day (bpd) this year, down by 107,000 bpd from last month’s assessment, the cartel said in its closely-watched Monthly Oil Market Report. Total world oil demand is anticipated to reach 104.0 million bpd in 2024, bolstered by strong transportation fuel demand and ongoing healthy economic growth, particularly in a number of non-OECD countries, said OPEC. However, the organization made today its fourth downward adjustment of demand growth estimates for the world and China for the fourth consecutive month. OPEC’s latest downward revision of demand forecasts follows its decision from earlier this month to delay the beginning of the reversal of the production cuts to January 2025 from December 2024. The downward revision of global demand growth forecasts reflected yet another reduction in OPEC’s expectations of Chinese oil demand growth. OPEC cut China’s demand growth forecast to 450,000 bpd this year, down from 580,000 bpd growth expected last month. The assessment of Chinese […]