- Global oil demand growth forecast 2024 seen at 1.61 mil bpd (previously 1.82 mil bpd)
- Global oil demand growth forecast 2025 seen at 1.45 mil bpd (previously 1.54 mil bpd)
Regarding the changes, OPEC says that the reduction for this year is due to more bearish data received in Q3 while the forecasts for next year are related to the effect which may arise from US taxes. Well, there is always a reason for everything they do/say. But it must also be remembered that OPEC has been far too bullish with their forecasts since the middle of the year already. So, there's that.
This article was written by Justin Low at www.forexlive.com.
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