OPEC cuts 2024, 2025 oil demand outlooks for fifth month
by ChemOrbis Editorial Team - content@chemorbis.com
In its monthly oil market report for December, OPEC cut its oil demand growth forecasts for 2024 and 2025 for the fifth consecutive month, marking its most significant reduction for 2024 to date. The cartel now expects demand to increase by 1.61 million barrels/day in 2024, down from 1.82 million barrels/day in November.
The cartel also reduced its 2025 growth estimate to 1.4 million barrels/day from 1.54 million barrels/day projected last month. China’s slowing economic momentum is a major factor in OPEC’s revised outlook. The country, once a dominant force in driving oil demand, is now projected to see consumption rise by 430,000 barrels/day in 2024, sharply down from the 760,000 barrels/day forecast in July.
The revisions follow OPEC’s decision to delay planned oil output increases by three months to April 2025 and extend the full unwinding of production cuts by a year until the end of 2026.
The cartel also reduced its 2025 growth estimate to 1.4 million barrels/day from 1.54 million barrels/day projected last month. China’s slowing economic momentum is a major factor in OPEC’s revised outlook. The country, once a dominant force in driving oil demand, is now projected to see consumption rise by 430,000 barrels/day in 2024, sharply down from the 760,000 barrels/day forecast in July.
The revisions follow OPEC’s decision to delay planned oil output increases by three months to April 2025 and extend the full unwinding of production cuts by a year until the end of 2026.
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