• 2024 global oil demand growth forecast to 1.93 mil bpd (previously 2.03 mil bpd)
• 2025 global oil demand growth forecast to 1.64 mil bpd (previously 1.74 mil bpd)

The main reason for the lower revision was China, with OPEC now anticipating demand growth there of 580k bpd – down from 650k bpd in the previous report. Then again, one must remember that OPEC’s forecasts has been arguably the most bullish compared with other forecasters. So, the downgrades here are mainly catching up to the consensus outlook of the market.

This article was written by Justin Low at www.forexlive.com.