The body’s monthly report indicates a 2025 growth at 1.7 million barrels per day (mbbl/d), slightly below this year’s figure.

OPEC has revised its forecast for global oil demand growth this year, lowering it to approximately two million barrels per day. According to its late

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision.

OPEC sees demand as healthy with strong demand for air travel and car transportation, along with industrial, construction and agricultural activities in non-OECD countries.

U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

Analysts at UBS in a note dated Monday have revised down its oil price forecasts for the period 2024-2026, citing weaker global demand and a more stable supply outlook.  The new forecast for Brent crude oil in the fourth quarter of 2024 has been reduced to $75 per barrel from $83,

OPEC said in a monthly report that world oil demand will rise by 2.03 million barrels per day in 2024, down from growth of 2.11 million bpd it expected last month