The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand growth forecasts downward for the fourth consecutive time. In its November report, OPEC projected a demand increase of 1.82 million barrels per day (bpd) for 2024, down from the previously estimated 1.93 million bpd. For 2025, the forecast was adjusted to 1.54 million bpd, compared to the earlier prediction of 1.64 million bpd.
This adjustment is largely due to a slowdown in demand from China, where OPEC lowered its growth forecast from 580,000 bpd to 450,000 bpd. Contributing factors include weaker performance in construction and manufacturing sectors and the rising use of liquefied natural gas-powered trucks.
These revisions highlight the challenges facing OPEC+ in a context of falling oil prices and weaker-than-expected global demand. The organization and its allies will need to weigh these factors in upcoming decisions to balance the global oil market.
Link: https://www.reuters.com/es/negocio/2UA5MTZSWNMWLCSPJPLIK7UF6E-2024-11-12/
