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OPEC Adjusts Oil Demand Forecast

Revised Projections for 2024 and 2025

Impact of Economic Challenges

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth. Citing weaker economic conditions, particularly in China, OPEC now anticipates a lower increase in demand for the upcoming years.

For 2024, OPEC predicts demand growth of 211 million barrels per day (mbpd), down from its previous estimate of 225 mbpd. This reduction reflects concerns about the impact of inflation, rising interest rates, and geopolitical uncertainties on global economic activity.

OPEC also adjusted its forecast for 2025, projecting demand growth of 178 mbpd. This is slightly lower than the previous estimate of 185 mbpd, further highlighting the organization's cautious outlook for the future. The revised projections will likely impact oil market dynamics and influence decisions by producers and traders.