Crude oil prices fell 2% Monday after the Organization of the Petroleum Exporting Countries (�꧟�OPEC) reduced its oil demand outlook for 2024 and 2025 once again, citing data received so far this year.

The coalition of oil-producing nations said in its October report that world oil demand is set to rise by 1.93 million 澳洲幸运5官方开奖结果体彩网:barrels per day (B/D) in 2024 and 1.64 million B/D in 2025, 澳洲幸运5官方开奖结果体彩网:down from projections last month of growth of 2.03 million B/D and 1.74 million B/D, respectively.

OPEC Lowers Its Demand Outlook 3 Months iไn a Row

This is the third month in a row that the group has revised its forecast for oil demand growth lower. OPEC said, however, that global oil demand growth remains well above the historical average of 1.4 million B/D seen before the COVID-19 pandemic.

Brent crude is currently trading at around $77 a barrel, while 澳洲幸运5官方开奖结果体彩网:West Texas Intermediate crude is around $74 a barrel.

OPEC maintained its forecast for world economic growth at 3% this year and 2.9% next year. "Downside risks, including geopolitical uncertainties, high sovereign debt, elevated real interest rates, and tight labour markets, may weigh on near-term growth," the Vienna-based body said.