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OPEC Revises Forecasts and Cadre: Decline in Global Oil Demand Expected
OPEC has revised its expectations for global oil demand in 2024 and 2025 downwards for the fifth time in a row. At the same time, the organization is celebrating the eighth anniversary of the “Declaration of Cooperation” and appointing new leaders.
The OPEC headquarters in Vienna, where the decisions to lower global oil demand forecasts, extend production cuts to 2026, and celebrate eight years of the “Declaration of Cooperation” were made. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
The Organization of the Petroleum Exporting Countries (OPEC) has once again lowered its forecast for global oil demand growth in 2024. According to the latest monthly report, demand growth will only amount to 1.61 million barrels per day (bpd) in the coming year. This represents a decrease of 210,000 bpd compared to the previous forecast of 1.82 million bpd. For 2025, OPEC expects…
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