OPEC lowered its oil demand growth forecast for this year and next for the fifth consecutive month, making its biggest reduction to the 2024 outlook so far after agreeing to extend its supply restrictions.

THE Organization of Petroleum Exporting Countries Projections for consumption growth in 2024 were reduced from 210,000 barrels per day to 1.6 million barrels per day, according to its monthly report. The cartel has reduced its projections by 27% since July, belatedly recognizing the deteriorating market situation.