Cuts 2024 oil demand growth forecast to 2.11 mbpd
Report sees Q4 OPEC crude demand 2.9 mbpd above July output
IEA to publish updated forecasts on Tuesday

LONDON, Aug 12 Reuters OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC group in raising production from October.

This is the first cut in OPEC39;s 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy.

In a monthly report on Monday, the Organization of the Petroleum Exporting Countries said world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month.

There is a wide split in 2024 demand growth forecasts due to differences over China and the pace of the world39;s transition to cleaner fuels. OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency39;s far lower view.

This slight revision reflects actual data received for the first quarter of 2024 and in some cases for the second quarter, as well as softening expectations for China39;s oil demand growth in 2024, OPEC said in the report.

OPEC said this year39;s demand growth was still above the historical average of 1.4 million bpd seen prior to the COVID19…