update 8:23The OPEC cut its forecast for global oil demand growth in 2024 on Monday, citing weaker-than-expected data for the first half of the year and milder expectations for China, and also reduced its outlook for the following year.
In a monthly report, the Organization of the Petroleum Exporting Countries said that global oil demand will increase by 2.11 million barrels per day (bpd) in 2024, down from the growth of 2.25 million bpd expected last month.
“This slight revision reflects actual data received for the first quarter of 2024 and, in some cases, for the second quarter, as well as the smoothing of expectations for oil demand growth from China in 2024,” OPEC said in the report.
“Despite the slow start to the summer travel season compared to the previous year, demand for transportation fuel is expected to remain strong due to healthy mobility in road and air modes.” (Reuters)
