OPEC reduced its expectation for global demand projections a second consecutive occasion based on the most recent global economic information, revising 2024 demand downwards from 2.11 million b/d to 2.03 million b/d.
Demand for 2025 was also cut from 1.78 million b7d to 1.74 million b/d in September’s report.
“The world economic growth forecast in 2024 is revised up slightly to 3%, while the forecast for 2025 remains at 2.9%, unchanged from last month’s assessment,” noted the oil cartel in its monthly report. “The US economic growth forecasts for 2024 and 2025 remain at 2.4% and 1.9%, respectively.”
These figures are still well above the pre-Covid hiistorical average demand level of 1.4 million b/d.
US oil demand declined from by -2.4% between June and July, the period covered by the report.
By Staff
