Morgan Stanley's Revised Oil Demand Growth Forecast for 2024
Friday, 23 August 2024, 05:29
Morgan Stanley's Revised Oil Demand Growth Forecast for 2024
Morgan Stanley has significantly lowered its oil demand growth forecast for 2024, reflecting concerns over China's economic performance. This is driven largely by China's slowing economic growth and factors such as increased electric vehicle (EV) usage and a surge in the number of trucks, which are changing the dynamics of oil consumption.
Key Factors Impacting the Forecast
- Slower Economic Growth: Economic indicators suggest a downturn in China's growth, affecting overall oil demand.
- Increased EV Adoption: The rise in electric vehicle usage contributes to a potential decline in oil needs.
- Growth in Truck Numbers: A higher number of trucks may initially seem to increase demand but is overshadowed by the factors mentioned above.
This revision raises critical questions about future oil market dynamics and invites further scrutiny of China's role in global oil demand.
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.