2024 Outlook Revised Due To Economic Concerns

OPEC Cuts Forecast for Global Oil Demand Growth

2024 Outlook Revised Due to Economic Concerns

Organization Adjusts Projections Amidst Uncertain Economic Environment

In a recent development that has sent shockwaves through the oil industry, the Organization of Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth in 2024. The downward adjustment reflects concerns over the global economic outlook, particularly in China and emerging economies, as well as higher inflation and interest rates.

According to OPEC's latest Monthly Oil Market Report, released on Monday, August 12, global oil demand is now projected to grow by 211 million barrels per day (mbpd) in 2024, down from the previous forecast of 225 mbpd. The report also predicts that oil demand in the fourth quarter of 2024 will be 29 mbpd higher than the previous estimate.

The revision reflects OPEC's cautious view of the global economic situation. Economic growth has slowed in many parts of the world, and China, the world's largest oil importer, is facing significant challenges due to its zero-COVID policy and a slowdown in its property sector.