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OPEC has revised down its global oil demand forecasts for this year and 2025



Is expected to be 2.11 million barrels per day (bpd) in 2024, and 1.78 million bpd in 2025.

In its latest monthly report, published on Monday, August 12, the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand forecast for the first time in 13 months.

Demand for 2024 is now projected at 2.11 million bpd, compared to the 2.25 million bpd forecast last month. For 2025, OPEC now anticipates demand at 1.78 million bpd, down from the previous projection of 1.85 million bpd.

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

"Fuel demand for transportation is expected to remain strong due to the healthy state of road and air mobility," the cartel added.

For 2025, OPEC forecasts demand at 106.11 million bpd, an increase of 1.8 million bpd, which remains almost unchanged from previous projections, driven mainly by non-OECD countries.

The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organization whose member countries, mostly developed, share a market economy system.



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