OPEC Drops 2024 Crude Oil Demand Forecast For 2nd Straight Month

For the second consecutive month, OPEC slightly cut its forecast for 2024 global crude oil demand in its September Oil Market Report published Tuesday.

The cartel had held firm to its initial 2024 forecast, first published in July 2023, until August, when it revised projections down from 2.25 million barrels of oil per day (bpd) to 2.11 million bpd. September’s revision drops the forecast to 2.03 million, still well above the competing forecasts published by the International Energy Agency (IEA) and U.S. Energy Information Administration (EIA).