 |
Louisiana Light • 6 days | 73.77 | +0.89 | +1.22% | ||
|
Bonny Light • 135 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 6 days | 73.91 | +1.03 | +1.41% | ||
|
Mars US • 425 days | 73.93 | -1.23 | -1.64% | ||
|
Gasoline • 12 mins | 2.024 | +0.015 | +0.74% |
|
Bonny Light • 135 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 135 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 6 days | 73.91 | +1.03 | +1.41% |
|
Peace Sour • 2 days | 64.04 | +0.39 | +0.61% | ||
|
Light Sour Blend • 2 days | 65.89 | +0.39 | +0.60% | ||
|
Syncrude Sweet Premium • 2 days | 69.14 | +0.39 | +0.57% | ||
|
Central Alberta • 2 days | 64.09 | +0.39 | +0.61% |
|
Eagle Ford • 6 days | 67.08 | +0.98 | +1.48% | ||
|
Oklahoma Sweet • 6 days | 67.00 | +0.75 | +1.13% | ||
|
Kansas Common • 6 days | 57.43 | +0.98 | +1.74% | ||
|
Buena Vista • 7 days | 76.54 | -0.48 | -0.62% |
Africa is experiencing an energy…
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For a fourth consecutive month, OPEC slashed on Tuesday its estimate of global oil demand growth for both this year and next, citing downward revisions in China and other Asian markets after seeing actual consumption data year to date.
OPEC now expects global oil demand to grow by 1.82 million barrels per day (bpd) this year, down by 107,000 bpd from last month’s assessment, the cartel said in its closely-watched Monthly Oil Market Report.
Total world oil demand is anticipated to reach 104.0 million bpd in 2024, bolstered by strong transportation fuel demand and ongoing healthy economic growth, particularly in a number of non-OECD countries, said OPEC.
However, the organization made today its fourth downward adjustment of demand growth estimates for the world and China for the fourth consecutive month.
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OPEC’s latest downward revision of demand forecasts follows its decision from earlier this month to delay the beginning of the reversal of the production cuts to January 2025 from December 2024.
The downward revision of global demand growth forecasts reflected yet another reduction in OPEC’s expectations of Chinese oil demand growth.
OPEC cut China’s demand growth forecast to 450,000 bpd this year, down from 580,000 bpd growth expected last month. The assessment of Chinese oil demand growth in 2025 was also cut by around 100,000 bpd and OPEC now sees Chinese demand growing by just 310,000 bpd in 2025, down from a previous projection of 410,000 bpd growth.
“The report maintains a cautiously optimistic outlook for 2024, supported by the strong fundamentals of the industrial and export sectors, as well as the central government's ability to implement policy measures to tackle challenges in other areas, including the property sector and sluggish consumer demand,” OPEC said, referring to China’s near-term economic and oil demand prospects.
The cartel also lowered by 103,000 bpd its projection of global oil demand growth for 2025 and now expects it at 1.54 million bpd year-over-year, down from 1.64 million bpd growth projected in the October report.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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OPEC now expects global demand to grow by 1.82 million barrels a day (mbd) this year, down by 107,000 b/d and by 1.54 mbd in 2025 down by 100,000 b/d.
Still global oil demand is anticipated to reach 104.0 mbd in 2024 bolstered by healthy economic growth from China and countries of the the Asia-Pacific region.
And though OPEC+ cut China’s demand growth forecast to 450,000 b/d this year, down from 580,000 b/d and by 100,000 b/d in 2025, China's demand is still growing nevertheless albeit at a slightly reduced rate. This could be easily reversed with the introduction of China's financial stimulus.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert
“The report maintains a cautiously optimistic outlook for 2024, supported by the strong fundamentals of the industrial and export sectors, as well as the central government's ability to implement policy measures to tackle challenges in other areas, including the property sector and sluggish consumer demand,” OPEC said, referring to China’s near-term economic and oil demand prospects.
The cartel also lowered by 103,000 bpd its projection of global oil demand growth for 2025 and now expects it at 1.54 million bpd year-over-year, down from 1.64 million bpd growth projected in the October report.