OPEC trims oil demand for next four years

No Peak In Sight

- ALEX LAWLER, AHMAD GHADDAR & MAHA EL DAHAN

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak.

The OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries plus allies, including Russia, is pumping more barrels to regain market share after years of cuts to support the market. Lower medium-term demand could make it harder for the group to unwind its other cuts, which remain in place until the end of 2026.