The latest Monthly Oil Market Report (MOMR) by the Organization of the Petroleum Exporting Countries (OPEC) revealed it reduced its forecasts of world oil demand growth for both 2024 and 2025.
OPEC now sees 2024 global oil demand growth at 1.93 million barrels per day (bpd), down from its September forecast of 2.03 million bpd.
"The adjustment reflects actual data received, combined with slightly lower expectations for some regions," the Organization said. Meanwhile, the details of the MOMR revealed the majority of the 2024 downgrade was attributed to China, as OPEC lowered its projection for the country's oil demand growth to 580,000 bpd this year, down from 650,000 bpd in the previous report.
In 2025, global oil demand is now expected to increase by 1.64 million bpd, down from the cartel's previous estimate of 1.74 million bpd.