August 13, 2024--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Amid recent concerns about a potential recession in the U.S. economy, the world's largest, economists at the Organization of the Petroleum Exporting Countries (OPEC) revised their forecast for global oil demand growth lower.

OPEC economists in their monthly market report for August left their forecast for global economic growth unchanged at 2.9% for both 2024 and 2025. The U.S. economy is expected to expand by 2.9% this year, but that should be offset by weakness in Asia.