OPEC cuts global oil demand outlook again

In a report published on October 14, OPEC said global oil demand in 2024 will reach 1.93 million barrels per day, while the forecast in September was 2.03 million barrels per day. The organization said the revision came from actual data received combined with reduced expectations in some regions, Reuters reported.

This is the third consecutive time OPEC has reduced its forecast for global oil demand, but OPEC's report is still higher than forecasts from some Wall Street banks and trading firms.

OPEC continues to reduce outlook for global oil demand

While crude oil prices have risen somewhat due to Middle East conflicts, $77 a barrel is still too low for some OPEC countries, according to Bloomberg, with some members accused of failing to cut production as required.

OPEC said that while government stimulus measures would support demand in the fourth quarter of 2024, oil use was facing economic challenges and a shift to cleaner fuels.

In its August report, OPEC said diesel consumption continued to decline due to slowing economic activity, mainly in the housing sector, and countries gradually replaced diesel fuel with liquefied natural gas (LNG) for heavy-duty trucks.

According to Reuters, with three consecutive downgrades, OPEC is gradually going against the optimistic forecasts given in the first months of the year. The organization also reduced the oil demand outlook in 2025 to 1.64 million barrels/day, compared to the previous 1.74 million barrels/day.

Source: https://thanhnien.vn/opec-lai-giam-trien-vong-nhu-cau-dau-the-gioi-185241014194313545.htm