OPEC Lowers Global Oil Demand Growth Expectations for 2024
Monday, 12 August 2024, 08:13
OPEC Adjusts Oil Demand Projections
On Monday, OPEC indicated a substantial decrease in its oil demand growth forecast for 2024, attributing the modification to weak data observed in the first half of the year and softer expectations surrounding the Chinese economy.
Key Factors Influencing the Forecast
- Weaker-than-expected growth in the oil market
- Softer economic performance in China
- Adjustments in global market strategies
This recalibration by OPEC is significant as it reflects the organization's efforts to remain responsive to evolving market dynamics.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.