OPEC lowers its oil demand forecast for 2024

OPEC has lowered its oil demand forecast for 2024. OPEC is forecasting global demand of 103.8 million barrels per day in 2024 and 105.3 million barrels per day in 2025. The weak growth in demand in 2024 is mainly due to the drop in oil consumption in China, which fell by 0.5% between October 2023 and October 2024, with consumption of heating oil (-15.7%) and diesel (-4.1%) being particularly affected. However, OPEC expects China's oil consumption to recover next year.