The slowdown in China’s expectations, coupled with the use of clean fuels, has led the Organization of the Petroleum Exporting Countries (OPEC) to project downward global oil demand for 2024 and 2025.

According to the organization’s latest monthly report, “global oil demand will grow by 1.93 million barrels per day in 2024, down from the 2.03 million barrels it had previously forecast,” which shows a “slowdown in expectations. Global demand is expected to continue to rise, especially due to lower demand expected from China.”

In the Asian country, oil consumption is facing the transition towards cleaner energy sources, according to the report, which also highlights lower diesel consumption “due to the slowdown in key sectors such as construction and housing, and a growing trend towards the use of liquefied natural gas (LNG) in heavy trucks, instead of petroleum diesel.”

OPEC has indicated that for next year it expects an increase in oil demand of 1.64 million barrels per day, which translates into a reduction of the 1.74 million barrels per day previously forecast.

M.Pino

Source: oilandgasmagazine

(Reference image source: Getty Images for Unsplash)

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