OPEC lowers global oil demand forecasts for 2024 and 2025
by ChemOrbis Editorial Team - content@chemorbis.com
In its monthly oil market report for November, OPEC has once again lowered its global oil demand growth forecasts for 2024 and 2025, marking a fourth consecutive downward revision in its 2024 outlook. OPEC initially kept its demand forecast unchanged until August.
For 2024, OPEC now anticipates global oil demand to grow by 1.82 million barrels/day, down from the 1.93 million barrels/day projected last month. The group also revised its 2025 demand growth estimate to 1.54 million barrels/day, a decrease from its previous forecast of 1.64 million barrels/day.
This latest cut was primarily influenced by weaker demand expectations from China, with OPEC reducing its projection for China’s oil demand growth to 450,000 barrels/day, down from 580,000 barrels/day, amid declining diesel usage linked to slowing construction and an increase in LNG-fueled trucks.
For 2024, OPEC now anticipates global oil demand to grow by 1.82 million barrels/day, down from the 1.93 million barrels/day projected last month. The group also revised its 2025 demand growth estimate to 1.54 million barrels/day, a decrease from its previous forecast of 1.64 million barrels/day.
This latest cut was primarily influenced by weaker demand expectations from China, with OPEC reducing its projection for China’s oil demand growth to 450,000 barrels/day, down from 580,000 barrels/day, amid declining diesel usage linked to slowing construction and an increase in LNG-fueled trucks.
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