알파경제 - OPEC Lowers Global Oil Demand Forecast for 2024 Amid Weak Data

(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Jisun] The Organization of the Petroleum Exporting Countries (OPEC) has once again lowered its forecast for global oil demand growth for this year and next.

On the 14th (local time), according to reports from Bloomberg and Reuters, OPEC stated in its monthly report that "actual demand data in some regions fell short of expectations," revising its global oil consumption forecast for this year from an average of 2.03 million barrels per day to 1.93 million barrels per day. The forecast for oil demand growth in 2025 was also reduced from 1.74 million barrels to 1.64 million barrels.

Bloomberg noted that this adjustment marks the third consecutive month of downward revisions in oil demand forecasts, indicating that OPEC's previously strong outlook for demand growth throughout the year is beginning to weaken. However, Reuters pointed out that "OPEC's demand growth forecast remains one of the highest among key oil projections." In August, OPEC revised its global demand growth forecast for this year from an average of 2.25 million barrels per day to 2.11 million barrels, and in September, from 2.11 million barrels to 2.03 million barrels.

OPEC cited the slowdown in demand from China, the world's largest oil-consuming country, and the pace of the global transition to green policies as reasons for the downward revision. The report stated, "Chinese authorities' economic stimulus measures are expected to support demand in the fourth quarter of this year," while also adjusting the forecast for China’s oil demand growth for this year from 650,000 barrels to 580,000 barrels.

알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)