OPEC Cuts 2024 Oil Demand Forecast for Second Month Running
OPEC has announced a slight cut in its forecast for global crude oil demand in 2024, marking the second consecutive month of reductions. The latest adjustments arise from concerns over economic growth rates in China and other regions. This information was detailed in the recent Oil Market Report released.
Factors Influencing Oil Demand
The decline in OPEC's forecast is primarily driven by:
- Decreased economic growth expectations in China
- Volatility in oil supply markets
- Insights from IEA and EIA reports
Market Implications
With OPEC's adjustments impacting oil prices, industry experts suggest investors remain vigilant regarding future developments. The oil supply and demand situation could significantly shift as new data emerges from both the IEA and EIA.
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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.