Business

Opec Again Lowers Forecast Of Global Oil Demand Growth In 2024, 2025

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.

 

MUST READ: How Lawrence Bishnoi Commands 700-Shooter Network From Prison?

Kanika Sharma

Recent Posts

PV Sindhu Ties The Knot With Venkata Datta Sai In Udaipur: Exclusive Details And Viral Photos Revealed

PV Sindhu married Venkata Datta Sai in a traditional ceremony in Udaipur on December 22.…

24 mins ago

PM Modi Distributes 71,000 Appointment Letter Via Video Conference

Prime Minister Narendra Modi  on Monday distributed over 71,000 appointment letters to newly appointed government…

24 mins ago

TTD Vision 2047: Big Changes Coming To Tirumala With Smart Roads And AI Chatbots – KNOW HERE!

TTD’s Vision 2047 aims to transform Tirumala into a model pilgrimage hub, focusing on smart…

36 mins ago

BJP Releases ‘Aarop Patra’ Against AAP Govt, Highlights 10 Key Issues

BJP slams AAP over corruption, pollution, and mismanagement in a new chargesheet, while AAP launches…

53 mins ago

Who Is Daniel Duggan? Ex Fighter Pilot Accused Of Training Chinese Military To Be Extradited To US

Australia's Attorney General has confirmed that Daniel Duggan, a former US Marine accused of training…

1 hour ago

Hyderabad Court Grants Bail To 6 Accused In Vandalism At Allu Arjun’s House

Six individuals who allegedly damaged actor Allu Arjun's residence in Hyderabad's Jubilee Hills were granted…

1 hour ago