OPEC has lowered its oil demand growth forecast for the fifth time.

Oil prices increased by 1% following OPEC's revised forecasts for oil demand.

According to Reuters, OPEC's forecasts for oil demand in 2024 and 2025 have been lowered five times in a row. Brent crude futures jumped by 74 cents or 1.03% to $72.93 a barrel. Futures for American oil, West Texas Intermediate, rose by 76 cents or 1.1% to $69.35, reports Economic Truth.

OPEC+, which includes members of the Organization of the Petroleum Exporting Countries along with other producers like Russia, previously this month postponed plans to increase production.

The drop in demand, especially in China, and the increase in supply from non-OPEC+ countries were the main reasons for this step.

Raw oil exports to China also increased in November for the first time in seven months, rising by over 14% compared to last year.