OPEC has revised its forecast for global oil demand growth in 2024, now projecting an increase of 1.93 million barrels per day (bpd), down from last month’s estimate of 2.03 million bpd. This marks the third consecutive downward adjustment for the producer group.
In its monthly report, OPEC noted that the downgrade is largely influenced by developments in China, where the growth forecast has been lowered to 580,000 bpd from 650,000 bpd. Although government stimulus measures may boost demand in the fourth quarter, oil consumption is facing challenges due to economic issues and the transition to cleaner fuels.
OPEC pointed out that diesel consumption has been weak, primarily due to a slowdown in economic activity, especially in construction, and the growing use of liquefied natural gas (LNG) in heavy-duty trucks as a substitute for diesel.
Additionally, OPEC has adjusted its global demand growth estimate for 2025, reducing it to 1.64 million bpd from 1.74 million bpd.
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