KEY TAKEAWAYS Crude oil prices slumped Tuesday as the International Energy Agency (IEA) cut its projection for oil demand growth.The IEA noted China's slowing economy was behind the change.The shift came a day after the Organization of the Petroleum Exporting Countries (OPEC) lowered its oil demand outlook for 2024 and 2025.

The International Energy Agency trimmed its forecast for this year’s oil-demand growth for the third month in a row, as a rapid slowdown in Chinese consumption weighs on the global outlook.

​OPEC is now forecasting that demand for oil will grow more slowly than it had previously expected for the rest of this year and for 2025. It’s the third time in as many months that the Organization of the Petroleum Exporting Countries has downgraded its forecast.

OPEC cut its estimate for China's crude oil demand growth in 2024 for a third straight month in October, but the producer group is still massively optimistic given the reality of falling imports.

OPEC trimmed its forecasts for oil demand growth this year and next for a third consecutive month as the group belatedly recognizes a slowdown in global fuel use.

The Organization of the Petroleum Exporting Countries on Monday cut its forecast for growth in oil demand for this year and 2025. In its monthly report, OPEC said it cut its forecast for demand growth in 2024 by 106,

OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision.

KEY TAKEAWAYS Crude oil prices fell 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.

In the wake of continuing economic uncertainty in China, the Organization of the Petroleum Exporting Countries (OPEC) has reduced its forecast for 2024’s global oil demand growth, while also lowering its projection for 2025.