# OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike | Reuters

> OPEC cut its 2024 global oil demand growth forecast to 2.11 million barrels per day, citing weaker expectations for China. The report highlights the difficulty OPEC+ faces in raising production from October.

- Date: 2024-08-12 · published 2024-08-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker demand outlook, especially from China, points to a looser crude market and downward pressure on prices. Lower energy costs ease diesel and freight expenses for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +0.4% | +6.5% |
| 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 | 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 | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +4.6% | +5.2% |
| BRENT | 2022-04-13 | [Opec cuts 2022 supply and demand forecasts amid Ukraine conflict and high inflation \| The National](https://feedsoft.ai/events/42018-opec-cuts-2022-supply-and-demand-forecasts-amid-ukraine-conflict-and-high.md) | +1.3% | +2.9% |
| WTI | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +2.1% | +7.6% |
| 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 | 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) | +4.4% | +3.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-cuts-2024-oil-demand-growth-forecast-citing-china-2024-08-12/

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