OPEC cuts global oil demand forecast for 2024, 2025 for fifth straight month

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/He Canling)

OPEC attributed the adjustment to updated data for the first three quarters of this year, particularly the "bearish data" for the third quarter.

VIENNA, Dec. 11 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday further trimmed its forecasts for global oil demand growth this year and next, marking the organization's downward revision for the fifth consecutive month.

In its monthly oil market report for December, OPEC expected a global oil demand growth of 1.61 million barrels per day (bpd) for 2024, down about 210,000 bpd from the growth of 1.82 million bpd projected last month.

OPEC attributed the adjustment to updated data for the first three quarters of this year, particularly the "bearish data" for the third quarter.

Meanwhile, OPEC estimated the 2025 global oil demand growth at 1.45 million bpd, down 90,000 bpd from last month's assessment of 1.54 million bpd. However, the organization insisted that the revised prediction still marks "a healthy growth level compared to pre-pandemic averages."

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/He Canling)

OPEC has already lowered its forecasts for global oil demand growth in 2024 and 2025 in its monthly market reports for four months in a row since August. OPEC had maintained its global oil demand growth forecasts of 2.25 million bpd this year and 1.85 million bpd next year by August.

Oil prices have generally trended downward in recent weeks due to concerns over slowing global demand and increased supply from producers outside the OPEC+ alliance, which comprises OPEC and its allies. International crude benchmark Brent has traded slightly above 70 U.S. dollars per barrel for the past weeks, down from over 80 dollars in July.

Last week, OPEC+ agreed at a ministerial meeting to keep their current oil output cuts for the first quarter of 2025.