Global Oil Demand Growth Needs Acceleration Amid OPEC+ Supply Increase
Friday, 9 August 2024, 06:02
Overview of Oil Demand and Supply
Global oil demand growth needs to accelerate in coming months to avoid challenges in absorbing a significant increase in oil supply planned by OPEC+ starting in October.
Current Demand Situations
- Oil demand growth from major consumers like the United States and China has not met expectations.
- Renewed fears of a U.S. recession have sparked a global stock and bond sell-off.
- If economic conditions worsen, oil demand growth may slow down further.
Conclusion
To maintain market stability, it is essential for global oil demand to pick up pace. Analysts warn of serious risks if economic slowdowns continue, which may lead to an oversupply situation.
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.