OPEC downgrades oil demand growth forecast for 2024 and 2025
Date
9/12/2024 5:01:36 AM
(MENAFN) On Tuesday, OPEC adjusted its forecast for global oil demand growth in 2024, reducing it in response to data received throughout the year. The organization’s latest report indicates that global oil demand is expected to rise by 2.03 million barrels per day next year, a decrease from the 2.11 million barrels per day growth projected in the previous month's forecast. This marks the second downward revision by OPEC, reflecting ongoing uncertainties and mixed predictions from various oil forecasters regarding the strength of crude oil demand.
A significant factor contributing to the divergence in forecasts is the varied outlook on China’s economic performance and the global shift towards cleaner energy sources. Despite the reduction, OPEC’s forecast remains the most optimistic among industry estimates. The report notes that while economic growth in China is anticipated to remain robust, challenges such as difficulties in the real estate sector and the growing adoption of natural gas-powered trucks and electric vehicles are expected to dampen demand for diesel and gasoline.
Additionally, OPEC has revised its estimate for global oil demand growth in 2025, now projecting an increase of 1.74 million barrels per day, down from the previously expected 1.78 million barrels per day. This adjustment underscores the organization’s cautious outlook amidst evolving market dynamics and shifting energy consumption trends.
MENAFN12092024000045015682ID1108665591
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.