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OPEC announced on Wednesday a reduction in its global oil demand growth forecast for 2024, marking the fifth consecutive downward revision in its monthly report. This adjustment reflects increasing concerns over macroeconomic challenges, including slowing global economic growth, high interest rates, and subdued industrial activity.
The group also lowered its projection for next year, signaling cautious expectations amid uncertainties in global energy markets. This shift in outlook underscores the impact of geopolitical tensions, policy shifts in major economies, and evolving energy transition trends on future demand.
Market participants will closely monitor how this revision influences OPEC’s production strategies and its coordination with non-OPEC producers under the OPEC+ alliance to stabilize the market.
