OPEC cuts 2024, 2025 oil demand progress forecasts


Investing.com — OPEC lowered its international oil demand progress forecasts for 2024 and 2025, amid a slowness in financial progress in key markets akin to China and India.

The group now expects international oil demand to extend by 1.6 million barrels per day (bpd) in 2024, down 210,000 bpd from its earlier forecast. For 2025, demand is projected to develop by 1.4 million bpd, a 90,000 bpd downward revision.

On the provision entrance, international locations exterior OPEC’s Declaration of Cooperation (DoC) are anticipated to ramp up manufacturing, notably in the USA, Canada, Brazil, and Norway, probably exerting stress on costs.

OPEC maintained its international financial progress forecasts at 3.1% for 2024 and three.0% for 2025 however revised its outlook for the USA barely greater, projecting 2.8% progress in 2024 and a couple of.2% in 2025, supported by robust enlargement within the second half of 2024.

China’s progress estimates stay regular at 4.9% for 2024 and 4.7% for 2025, whereas India’s progress outlook is unchanged at 6.8% for 2024 and 6.3% for 2025.

The revisions to demand forecasts come amid uneven international financial progress and debates over vitality transition. With rising provide from non-OPEC producers, market dynamics could shift additional, influencing oil costs within the coming years

admin

Recent Posts

US appears content material to cosy as much as Russia as a substitute of imposing tariffs

Russia is the obvious omission from Donald Trump's tariffs listing. Together with Cuba, Belarus and…

1 hour ago

Accountancy agency MHA struggles to hit £125m IPO goal

The accountancy agency MHA is struggling to hit a £125m fundraising goal as a part…

1 hour ago

UK companies subject warning over ‘deeply troubling’ Trump tariffs

British firms and enterprise teams have expressed alarm over President Donald Trump's 10% tariff on…

1 hour ago

Trump commerce conflict escalation sparks international market sell-off

Donald Trump's commerce conflict escalation has sparked a worldwide sell-off, with US inventory markets seeing…

2 hours ago

There have been no winners from Trump’s tariff gameshow

Donald Trump flourished his checklist of tariffs like a gameshow host within the White Home…

2 hours ago

March jobs report anticipated to indicate hiring slowed, unemployment charge held regular earlier than Trump’s tariffs

The March jobs report is ready for launch as markets are in a tailspin following…

3 hours ago