OPEC (Organization of the Petroleum Exporting Countries) cut its estimate for global oil demand growth in 2024 to 1.82 million bpd (barrels per day) from 1.93 million bpd. This was the fourth consecutive reduction. OPEC reported this Tuesday (12 November 2024).
ย For 2025, the group reduced its projection of increased demand by 100,000 bpd, to 1.54 million
bpd.According to OPEC, the estimate reflects, above all, demand from the Asian continent. “The producer group’s 2024 outlook was revised downward for the fourth consecutive time, affecting China, India, and other regions.”
Recently, Beijing has launched a series of stimulus measures to boost the Chinese economy. The initiative is being carried out in a context of slowdown, with the country facing the challenge of achieving its annual growth target of around 5%.
According to experts, China’s GDP (gross domestic product) growth estimate for this year is maintained at 4.9%.
Expectations for the growth in global economic activity were increased from 3% to 3.1%, with a focus on the U.S. economy’s increase from 2.5% to 2.7%.
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