Via Alex Lawler in yahoo.com: OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer groups fifth consecutive downward revision. The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia. OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices. In a monthly report, OPEC said it expects 2024 global oil demand to rise by 1.61 million barrels per day (bpd), down from 1.82 million bpd last month. OPEC had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023. The bulk of this revision is made in the third quarter, taking into account recently received bearish data for the third quarter, OPEC said in the report.
