DNVN - On October 14, the Organization of the Petroleum Exporting Countries (OPEC) officially lowered its forecast for global oil demand growth for both 2024 and 2025. This is the organization's third consecutive downward adjustment to the "black gold" market.
An oil refinery on Khark Island off the Gulf. Photo: AFP/ VNA
According to OPEC's monthly report, world oil demand in 2024 is expected to increase by 1.93 million barrels per day, down from the 2.03 million barrels per day forecast given last month. For 2025, OPEC also revised the growth from 1.74 million barrels per day to 1.64 million barrels per day. Notably, China is the country with the biggest cut, with the forecast reduced from 650,000 barrels per day to 580,000 barrels per day.
OPEC maintained its growth forecast for August 2024, first published in July 2023. However, in the same month, the organization recorded a continued decline in diesel consumption as economic activity slowed, mainly due to a reduction in construction and housing projects, as well as a switch to liquefied natural gas (LNG) for heavy-duty trucks instead of petroleum-based diesel fuel.
OPEC said that although government stimulus measures are likely to support oil demand in the fourth quarter, the "black gold" is facing many challenges from global economic difficulties and the trend of switching to cleaner, more environmentally friendly fuel sources.
This less optimistic outlook shows that OPEC+ (including OPEC and its partners) is facing a difficult situation. For example, Russia plans to increase oil production in December after previously delaying it amid falling crude prices.
Immediately after OPEC released the report, world oil prices fell about 2%, with North Sea Brent crude trading below $78/barrel.
Analysts also have different forecasts for global oil demand growth in 2024, largely due to differences in the situation in China and the pace of the global transition to cleaner fuels. Currently, OPEC's production forecast remains high, far from the production cut target set by the International Energy Agency (IEA). OPEC also notes that this year's oil demand growth is still higher than the historical average of 1.4 million barrels per day, recorded before the COVID-19 pandemic caused a sharp decline in fuel demand.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/quoc-te/opec-du-bao-ra-sao-ve-thi-truong-dau-mo-toan-cau-nam-2024/20241015091318865
![[Photo] Binh Trieu 1 Bridge has been completed, raised by 1.1m, and will open to traffic at the end of November.](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/10/2/a6549e2a3b5848a1ba76a1ded6141fae)
Comment (0)