Opec reduces its globe oil demand expansion prediction in 2024
Date
12/12/2024 4:06:08 AM
(MENAFN) Opec reduces its 2024 worldwide oil demand expansion prediction for a fifth straight month on December 11 and by the hugest amount yet, a strings of decreases that underlines China’s sputtering duty as the glob’s demand growth engine.
The weaker viewpoint highlights Opec+ difficulties, which includes the Organization of the petroleum Exporting Countries and cooperatives like Russia. Opec+ previously in December postponed its plan to begin increasing production until April 2025 against a decrease of falling prices.
Within a monthly report, Opec announced that it predicts 2024 global oil demand to increase by 1.61 million barrels in a day (bpd), declined from 1.82 million bpd in November. Opec also reduce its 2025 growth approximation to 1.45 million bpd from 1.54 million bpd.
The 210,000 bpd reduction in the 2024 total is the largest of the five reductions Opec has done in its monthly information since August. In July, Opec had predicted world demand to increase by 2.25 million bpd.
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