# OPEC makes fifth and biggest cut to 2024 oil demand growth forecast | Reuters

> OPEC cut its 2024 global oil demand growth forecast to 1.61 million bpd from 1.82 million, the fifth consecutive monthly cut. It also lowered its 2025 growth estimate to 1.45 million bpd from 1.54 million.

- Date: 2024-12-11 · published 2024-12-11T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weaker demand growth forecasts signal a looser crude market, which pressures energy prices and reduces support for biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | +0.3% | -10.5% |
| BRENT | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +3.0% | -1.0% |
| BRENT | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.0% | +2.5% |
| BRENT | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +2.6% | +3.9% |
| BRENT | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -2.0% | +7.9% |
| WTI | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | -0.3% | -10.9% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| WTI | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.4% | +0.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-again-cuts-2024-2025-oil-demand-growth-forecasts-2024-12-11/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.