OPEC again cuts 2024, 2025 oil demand growth forecasts

LONDON (Reuters) -OPEC lowered its forecasts for 2024 and 2025 global oil demand growth on Wednesday in the fifth consecutive cut to the producers group’s monthly report.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia.

OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.

OPEC said it now expects 2024 global oil demand to rise by 1.61 million barrels per day (bpd), down from its forecast of 1.82 million bpd last month.

OPEC had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.

OPEC cut its 2025 global oil demand growth estimate to 1.45 million bpd from 1.54 million bpd.

(Reporting by Alex Lawler, editing by Louise Heavens and Jason Neely)