The Organization of the Petroleum Exporting Countries (OPEC) has revised downwards its forecasts for growth in global oil demand for 2024 and 2025. With the prospect of a strong comeback by American producers after the election of Donald Trump , the organization will have to review all of its projections.
In its monthly oil market report, OPEC reported “healthy” growth in global oil demand to 1.82 million barrels per day (bpd) in 2024, a drop of around 107,000. compared to October forecasts (1.92 million bpd).
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The organization, which revised its forecast following an update of data for the first three quarters of the year, expects global demand to grow in 2025, which is expected to rise to 1.54 million bpd, down from last month’s assessment (1.64 million bpd).
According to OPEC, which had revised downwards its forecasts for growth in global demand in 2024 and 2025 in its last three monthly reports, oil prices have shown a downward trend in recent weeks due in particular to concerns over the slowdown in global demand.
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Previously, the member countries of OPEC+, a group comprising OPEC and its allies, had announced an extension of voluntary production cuts until next December.
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