OPEC has lowered the forecast for this year's global oil demand growth for the fifth consecutive month.

The oil organization (OPEC) released its monthly report, lowering the global oil demand growth forecast for this year for the fifth consecutive month, with the largest downward adjustment among the five revisions.

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OPEC has cut its oil demand forecast for the fifth consecutive month, with the largest reduction to date.

OPEC has lowered its forecast for Consumer growth in 2024 by 0.21 million barrels per day to 1.6 million barrels per day. Since July, OPEC has reduced its forecast by 27%. Analysts believe that OPEC's forecast still exceeds the general market expectations and there is a gap with this year's actual Consumer data.

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