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OPEC has revised its global oil demand projections downward for 2024 and 2025, citing expected weaker demand from China. In its monthly report released on Monday, the cartel updated its forecast to show an increase of 2.11 million barrels per day (mb/d) for this year and 1.78 mb/d for 2025. These figures are lower than the previous estimates of 2.25 mb/d and 1.85 mb/d.
Overall, OPEC now expects global oil demand to reach 104.32 million mb/d for 2024. This is slightly below the 104.46 mb/d projected in the July report.
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