OPEC again lowers 2024, 2025 global oil demand growth view
2024.09.10 08:23
By Alex Lawler
LONDON (Reuters) – OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.
The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd it expected last month.
There is a wider than usual split between forecasters on the strength of oil demand growth in 2024, partly due to differences over China and more broadly over the pace of the world’s transition to cleaner fuels. The reduction still leaves OPEC at the top end of industry estimates.
“Looking ahead, China’s economic growth is expected to remain well supported,” OPEC said in the report.
“However, headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel and gasoline demand going forward.”
OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.
