OPEC adjusts oil demand growth forecast for 2024, 2025 amid falling Chinese demand
Date
8/13/2024 5:32:49 AM
(MENAFN) OPEC has adjusted its global oil demand growth forecast downward for the current year and the next two years, citing updated data from the first and second quarters of 2024. According to the latest monthly report released on Monday, the organization now expects global oil demand to increase by approximately 2.11 million barrels per day this year. This represents a reduction of 135,000 barrels per day from its previous forecast.
The adjustment reflects diminished expectations for oil demand growth in China for 2024. Despite this downward revision, OPEC notes that the projected growth for global oil demand remains significantly above the pre-COVID-19 historical average of 1.4 million barrels per day. Looking ahead to 2025, the forecast for global oil demand growth has been lowered by 65,000 barrels per day to approximately 1.78 million barrels per day.
The report highlights that, despite a slower start to fuel demand during the summer driving season compared to the previous year, overall fuel demand is anticipated to remain robust due to strong transportation activity by land and air. This adjustment marks the first reduction in OPEC's 2024 demand forecast since it was initially released in July 2023. The revised outlook reflects ongoing uncertainties and disagreements over the strength of oil demand growth, particularly related to China's economic performance and the global transition to cleaner energy sources.
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