OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.

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.

OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century, an outlier view that scientists say would lead to climate catastrophe.

OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025.

Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.

Global oil demand growth slowed to its weakest in more than a year last quarter as the post-pandemic rebound in China fades, the International Energy Agency said.

Key OPEC+ nations Iraq, Kazakhstan and Russia continue to pump above output limits intended to shore up global oil prices, the group’s data showed.

OPEC maintained forecasts for strengthening oil demand in the second half of the year, as the group and its allies prepare to revive some halted supplies.

Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.

OPEC’s first oil market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out.