OPEC said in a monthly report that world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month
OPEC on Monday cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China, and also trimmed its expectation for next year.
“This slight revision reflects actual data received for the first quarter of 2024 and in some cases for the second quarter, as well as softening expectations for China’s oil demand growth in 2024,” OPEC said in the report. This is the first reduction in OPEC’s 2024 forecast since it was first made in July 2023. There is a wider than usual split between forecasters on the strength of oil demand growth in 2024 due to differences over China and more broadly over the pace of the world’s transition to cleaner fuels.
In the report, OPEC also cut next year’s demand growth estimate to 1.78 million bpd from 1.85 million bpd previously expected.
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