OPEC slightly trims global oil demand growth for 2024

12/08/2024 Argaam
Logo ofOPEC

Logo of OPEC 

OPEC slightly cut its forecast for global oil demand growth for this year, with a softening of estimates for demand in China.
 
In its monthly report issued today, Aug. 12, the group anticipated global oil demand to rise by 2.1 million barrels per day (bpd) this year, instead of its previous 2.25 million-bpd growth estimate.
 
It also lowered its estimate for oil demand growth next year to 1.78 million bpd from 1.85 million bpd previously.
 
OPEC stated that this slight revision reflected actual data for the first quarter of this year and in some cases for the second quarter, not to mention weaker expectations for oil demand growth in China in 2024.
 
With economic growth momentum in major economies remaining much resilient in H1 2024, the group continues to support the global growth path in the near term. Accordingly, the global economic growth forecast remains unchanged at 2.9% for both 2024 and 2025.

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