OPEC Reduces Global Oil Demand Growth Projection for 2024
Monday, 12 August 2024, 10:46
OPEC Cuts Oil Demand Growth Forecast for 2024
The Organization of the Petroleum Exporting Countries (OPEC) has made significant reductions to its global oil demand growth estimates for 2024. On Monday, OPEC stated that it now expects oil demand to increase by 2.11 million barrels per day (bpd).
Factors Contributing to the Revision
- Actual reports received for the first quarter of 2024.
- Softening expectations surrounding China's oil demand growth.
This decrease in forecast stems from weaker-than-expected performance in the first half of the year, prompting OPEC to adjust earlier growth expectations from 2.25 million bpd to the current projection.
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.