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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- EU publishes tariff regulation, swings doors wide open to duty-free US plastics
- Stats: China rewrites PE trade dynamics as April exports explode amid Middle East disruptions
- Role reversal: Iran seeks polymers from Türkiye amid war disruptions
- US PE cracks after record highs; corrections spread from Asia to Europe and Türkiye
- Two months into war: China pressure reverses polymer rally in Asia, early cracks emerge in Türkiye, will Europe follow?
- Polymer rally at pandemic-era highs in just 6 weeks; what happens next?
- Cost of Middle East war for Türkiye: Polymer markets surge to 2021–2022 highs, PE exceeds pandemic-peaks
- Middle East war cost for Europe: Polymer prices surge back toward pandemic-era highs
- UPDATED: Middle East supply disruptions spread across key hubs
- ChemOrbis and TTCP seminar on the Middle East War’s Impact on the Petrochemical Chain draws strong interest
