The World Bank has downgraded China's growth forecast and OPEC is cautiously monitoring the situation

OPEC+ is working to balance oil markets

OPEC+ continues to work on balancing oil markets while keeping a cautious eye on China's rise, the UAE energy minister said at a conference just two days before the alliance's ministerial panel meets on October 4.

Worries of an undersupplied market

"A lot of things are moving and we are hopeful that growth in China will accelerate... because the entire world economy depends on China," UAE Minister of Energy and Infrastructure Suheil Al Mazrouei told the Adipek conference. "My concern is not an undersupplied market in the short term. My concern is an under-supplied market in the long and medium term," the minister said, according to The National News.

World Bank cuts China's growth forecasts

The comments came as the World Bank cuts growth forecasts for China, the world's second-largest economy and largest oil importer. On Monday, the World Bank forecast China will grow at 5.1 percent this year, well above the 3 percent in 2022.

Worrying OPEC+ over China's slowing growth

The concern shared by OPEC+ is that China's slowing GDP growth could reduce oil demand. The World Bank also lowered its 2024 GDP growth forecast for China from 4.8% to 4.4%. On Sunday, the Caixin/S&P manufacturing sector purchasing index

Expectations at the ministerial panel meeting

Market observers expect to see at the next ministerial panel meeting on October 4 whether Saudi Arabia and Russia will make changes to their current voluntary production cuts of 1.3 million barrels per day.