OPEC has revised its global oil demand projections for 2024 and 2025, signaling a notable shift in market dynamics. The cartel now anticipates a demand increase of 2.11 million barrels per day (mb/d) this year, tapering to 1.78 mb/d in 2025. This is a downgrade from the previous estimates of 2.25 mb/d and 1.85 mb/d, respectively. The revised forecast places global oil demand at 104.32 mb/d for 2024, slightly down from the earlier projection of 104.46 mb/d.
This adjustment is largely driven by expectations of a slowdown in China's economic engine, a key factor influencing the global energy market.