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 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.

The Organization of the Petroleum Exporting Countries further trimmed its forecast for oil-demand growth, as it prepares to bring some barrels back into the market despite weaker global prices.

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.

Crude oil futures fell 2% Monday after OPEC reduced its oil demand outlook for 2024 and 2025 once again, citing data received so far this year.

Oil prices (CL=F, BZ=F) fall after OPEC cut its forecast for global oil demand in 2024. Yahoo Finance's Ines Ferré joins Market Domination Hosts Julie Hyman and Josh Lipton to break down the intraday moves in oil prices and how it ties to investor sentiment about China's ongoing stimulus efforts.

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.The Paris-based organization forecasts global demand to grow by 862,