Opec trims demand outlook, cites muted growth for China
Business Standard|August 13, 2024
First reduction in 2024 oil demand forecast since July 2023
Opec trims demand outlook, cites muted growth for China

The Organization of the Petroleum Exporting ☐ Countries (Opec) on Monday cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China, and also trimmed its expectation for next year.

Opec in a monthly report said world oil demand will rise by 2.11 million barrels per day (bpd) in 2024, down from growth of 2.25 million bpd expected last month.

"This slight revision reflects actual data received for the first quarter of 2024 and in some cases for the second quarter, as well as softening expectations for China's oil demand growth in 2024," Opec said.

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