Makes second cut in 2024 oil demand growth forecast
Sees headwinds for China39;s diesel, gasoline demand going forward
IEA to publish updated forecasts on Thursday

LONDON, Sept 10 Reuters 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 group39;s second consecutive downward revision.

The weaker outlook further underscores the challenge faced by OPEC, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market. Last week, OPEC delayed a plan to start pumping more oil after prices hit the lowest in 2024.

On Tuesday, OPEC in a monthly report said world oil demand will rise by 2.03 million barrels per day bpd in 2024, down from growth of 2.11 million bpd expected last month. Until last month, OPEC had kept the forecast unchanged since it was first made in July 2023.

China accounted for the bulk of the latest downgrade, as OPEC trimmed its forecast of Chinese growth to 650,000 bpd in 2024 from 700,000 bpd. Oil use in the world39;s second largest economy was facing headwinds from economic challenges and moves to cleaner fuels, OPEC said.

Looking ahead, China39;s economic growth is expected to remain well supported, OPEC said in the report.

However, headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel…