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OIL AND GAS - LONDON. OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer group's fifth consecutive downward revision.
The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia. OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
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