OPEC downgrades global oil demand growth forecasts for 2024, 2025 again
Date
11/13/2024 7:55:54 AM
(MENAFN) The Organization of the petroleum Exporting Countries (OPEC) has again revised its global oil demand growth forecasts downward for both 2024 and 2025, marking the fourth consecutive month of such adjustments. In its November oil market report, OPEC revised its 2024 global oil demand growth projection to 1.82 million barrels per day (bpd), which is 107,000 bpd lower than the previous month's forecast of 1.93 million bpd. The organization attributed this revision to updated data for the first three quarters of the year, reflecting a less optimistic demand outlook.
For 2025, OPEC lowered its global oil demand growth estimate to 1.54 million bpd from last month's projection of 1.64 million bpd. Despite the reduction, the organization still views this growth as healthy compared to pre-pandemic levels, suggesting that demand will remain robust, though somewhat slower than originally anticipated.
This downward revision follows a series of reductions in OPEC’s global oil demand forecasts for 2024 and 2025, continuing a trend that began in August. Initially, OPEC had forecast global oil demand growth of 2.25 million bpd for 2023 and 1.85 million bpd for 2024. However, ongoing concerns about slowing global demand, compounded by various economic factors, have contributed to a steady decline in these projections.
Oil prices have also been affected by these revised forecasts, with prices generally trending lower in recent weeks. The downward adjustment of demand growth expectations has fueled concerns about the global market's ability to maintain oil prices amidst uncertain economic conditions.
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