OPEC’s new forecast for oil demand for 2024 and 2025

reported by This is the third time in a row that OPEC has reduced its forecast for oil demand for this year and 2025 in its monthly reports.

This organization stated in its report today that for this year the global oil demand will increase by 1.93 million barrels per day, while in the previous report this figure was 2. 03 million barrels had been announced.

The reason for the decrease in OPEC’s forecast for global oil demand is the decrease in oil demand from China and to some extent the acceleration of countries’ transition towards the use of clean energy.

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While it was predicted that China’s oil demand would increase by 650,000 barrels per day in 2024, this figure has now been reduced to 580,000 barrels.

For next year, OPEC announced an increase of 1.74 million barrels per day in its previous forecast, which has decreased to 1.64 million barrels in today’s report.

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