The Organization of the Petroleum Exporting Countries (OPEC) released its monthly oil market report on the 12th, lowering its expectations for global oil demand in 2024 and 2025. This is the fourth consecutive time since August this year that OPEC has lowered its global oil demand forecast for the next two years. The report shows that OPEC has lowered its forecast for the year-on-year increase in global average daily oil demand in 2024 from 1.93 million barrels to 1.82 million barrels. The adjusted annual average daily oil demand is expected to be around 104 million barrels. OPEC stated that this adjustment was made based on the actual data received by the organization for the first three quarters of this year. In addition, OPEC has lowered its forecast for the increase in global daily oil demand from 1.64 million barrels per day in 2025 to 1.54 million barrels per day compared to the previous year. The adjusted annual daily oil demand is expected to be around 106 million barrels per day. OPEC issued a statement earlier this month stating that eight OPEC and non OPEC oil producing countries have decided to extend the voluntary production cuts of 2.2 million barrels per day, originally scheduled to expire at the end of this month, until the end of December. (New Society)
Edit：Yi Yi Responsible editor：Li Nian
Source：www.new.cn
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