The Organization of the Petroleum Exporting Countries (OPEC) lowered its expectations for global oil demand growth during the current and next two years.
OPEC said in its monthly report, issued today, Tuesday, that it expects global oil demand to grow to 2.03 million barrels per day in 2024, down from a growth of 2.11 million barrels per day in last month’s forecast.
It added: “Looking ahead, economic growth in China is expected to remain well supported, however, headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to affect demand for diesel and gasoline in the future.”
OPEC also lowered its estimates for global oil demand growth in 2025 to 1.74 million barrels per day from 1.78 million barrels per day.
Eight countries from the OPEC Plus alliance decided this month to extend the voluntary reduction in their crude oil production that they announced in April and November 2023 for two months until the end of next November.
Source: National Iraqi
News Agency