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LONDON (Reuters) -OPEC lowered its forecasts for 2024 and 2025 international oil demand progress on Wednesday within the fifth consecutive lower to the producers group’s month-to-month report.
The weaker outlook highlights the problem dealing with OPEC+, which includes the Group of the Petroleum Exporting International locations and allies comparable to Russia.
OPEC+ earlier this month delayed its plan to start out elevating output till April 2025 in opposition to a backdrop of falling costs.
OPEC stated it now expects 2024 international oil demand to rise by 1.61 million barrels per day (bpd), down from its forecast of 1.82 million bpd final month.
OPEC had saved the 2024 outlook unchanged till August, a view it had first taken in July 2023.
OPEC lower its 2025 international oil demand progress estimate to 1.45 million bpd from 1.54 million bpd.
