The latest monthly oil market report by OPEC revealed the organization lowered its 2024 oil demand growth forecast by 135,000 barrels per day (bpd) to 2.11 million bpd in August from the previous month’s assessment of 2.25 million bpd. OPEC cited "softening expectations for China’s oil demand growth in 2024" amid major reasons for the forecast revision.
In addition, the 2025 world oil demand growth projection was slightly cut and is now estimated at 1.78 million bpd, down from 1.85 million bpd in the June report.