The Organization of the Petroleum Exporting Countries (OPEC) adjusted downwards this Monday global oil demand for the remainder of 2024 (2.07 %) and for 2025 (1.71 %). One of the main reasons would be China’s slowdown in consumption.

According to estimates, “this year the planet will burn an average of 104.32 million barrels per day (mbd) of crude oil, 2.1 mbd more than in 2023, and 135,000 bd less than predicted a month ago by the Organization of Petroleum Exporters (OPEC) in their monthly report.”

Additionally, in the document published this Monday, OPEC “reduces by 200,000 bd, to 106.11 mbd, its previous calculation of oil consumption in 2025.”

The outlook was affected by changing demand in China and the global transition to clean fuels. Added to this are measures such as the slowdown in the production of US refineries in the face of a surplus in the market.

In general terms, OPEC considers the market dynamics “healthy” this year, taking into account that “when demand growth is well above the average of 1.4 mbd observed before the Covid-19 pandemic.”

M.Pino

Source: cincodias

(Reference image source: Unsplash+, in collaboration with Getty Images)

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