The body’s monthly report indicates a 2025 growth at 1.7 million barrels per day (mbbl/d), slightly below this year’s figure.

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

U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

OPEC has revised its forecast for global oil demand growth this year, lowering it to approximately two million barrels per day. According to its late

OPEC slightly cut its forecast for oil-demand growth after delaying its planned output hikes last week in a bid to support sinking prices.

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision.

OPEC sees demand as healthy with strong demand for air travel and car transportation, along with industrial, construction and agricultural activities in non-OECD countries.

WTI oil tests yearly lows as traders react to the OPEC report, which indicated that the organization had cut its demand growth forecasts for 2024 and 2025. If WTI oil settles below the $65.00 level, it will head towards the next support at $64.00 – $64.50.

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions