Energy Opec lowers forecast for global oil demand
The oil cartel is forecasting slower growth. According to the experts, this is mainly due to China.
14.10.2024, 16:49
SDA
According to the Organization of the Petroleum Exporting Countries (Opec), global demand for crude oil will grow more slowly in 2024 and 2025 than previously assumed. In their latest monthly market report, the cartel's analysts lowered their expectations for demand from China in particular.
The weakening construction sector and the increased use of LPG trucks have recently dampened diesel consumption, they said. According to Opec, the global average daily demand for oil will rise by around 1.9 million barrels (159 liters each) to 104.1 million barrels this year.
A month ago, the producer group was still forecasting growth of more than 2 million barrels. The forecast growth for 2025 has been lowered from 1.7 to 1.6 million barrels.
Opec, which is dominated by Saudi Arabia, and other oil exporters around Russia are trying to limit supply and support prices by means of fixed production quotas. As the latest market report shows, daily oil production in Russia fell by 28,000 barrels in September. However, production fell much more significantly in Libya (minus 410,000 barrels) and Iraq (minus 155,000 barrels).
