OPEC lowers 2024, 2025 global oil demand growth view again

10/09/2024 Argaam
Logo of OPEC

Logo of OPEC

OPEC trimmed its forecast for global oil demand growth in 2024 and 2025, citing the impact of the shift towards electric vehicles (EVs) on Chinese demand, marking the group's second consecutive downward revision this year.

 

In its latest Monthly Oil Market Report (MOMR) issued today, Sept. 10, OPEC said it now projects global oil demand to add 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd it had expected last month.

 

The group also cut its 2025 global demand growth estimate to 1.74 million bpd, from 1.78 million bpd previously.

 

“Looking ahead, China's economic growth is expected to remain well supported ... 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,” read the report.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.