OPEC once again makes cuts to its 2024 and 2025 oil demand growth forecasts

• 2024 world oil demand growth forecast seen at 1.61 mil bpd (previously 1.82 mil bpd)
• 2025 world oil demand growth forecast seen at 1.45 mil bpd (previously 1.54 mil bpd)

On the changes, OPEC says that the downgrade for this year owes to more bearish data received in Q3 while the projections for next year relate to the potential impact that will arise from US tariffs. Well, there’s always a reason for everything they do/say. But one also has to remember that OPEC has been way too bullish with their forecasts since the middle of the year already. So, there’s that.

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