The cartel said oil demand would grow by just 2.03m barrels per day in 2024, down from the 2.11m b/d forecast given in August.

OPEC said the "minor adjustment" was a result of weaker-than-expected demand from China, which accounted for nearly all of this month's downgrade.

OECD oil demand is expected to grow by around 0.1m b/d in 2024, with growth coming entirely from the OECD Americas, while non-OECD oil demand is tipped to grow by 1.9m b/d.

The overall forecast for world oil demand growth in 2025 was also slightly revised down to 1.74m b/d, from 1.78m b/d previously.

The Organization's Monthly Oil Market Report said that demand was still well above the historical average of 1.4m b/d seen prior to the pandemic.

Brent crude was trading 3% lower at $69.67 a barrel on Tuesday afternoon, trading at levels not seen since early 2021, having taken a sharp dive over the past month.