<
https://www.reuters.com/business/energy/opec-again-cuts-2024-2025-oil-demand-growth-forecasts-2024-11-12/>
"LONDON, Nov 12 (Reuters) - OPEC cut its forecast for global oil demand growth
this year and next on Tuesday, highlighting weakness in China, India and other
regions, marking the producer group's fourth consecutive downward revision in
the 2024 outlook.
The weaker outlook highlights the challenge facing OPEC+, which comprises the
Organization of the Petroleum Exporting Countries and allies such as Russia,
which earlier this month postponed a plan to start raising output in December
against a backdrop of falling prices.
In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82
million barrels per day in 2024, down from growth of 1.93 million bpd forecast
last month. Until August, OPEC had kept the outlook unchanged since its first
forecast in July 2023.
In the report, OPEC also cut its 2025 global demand growth estimate to 1.54
million bpd from 1.64 million bpd.
China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese
growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in
September fell year-on-year for a seventh consecutive month."
Via
Fix the News:
https://fixthenews.com/279-breakneck-solarisation/
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
