OPEC reduces global oil demand growth forecast for 2024 and 2025, mainly due to China's diminished growth expectations.

OPEC has again reduced its global oil demand growth forecast, now predicting an increase of 1.93 million barrels per day (bpd) for 2024, down from 2.03 million bpd. The 2025 outlook is also lowered to 1.64 million bpd from 1.74 million bpd, primarily due to diminished growth expectations in China. Economic challenges and a shift to cleaner fuels are impacting consumption. OPEC+ will meet on December 1 to discuss future output policies amid these adjustments.

October 14, 2024
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