Oil demand growth in the first 7 months of the year from the US and China failed to meet expectation
LONDON – Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC + is planning to make from October, according to data, analysts and industry sources.
The price of oil has fallen below $80 per barrel in August – less than most members of OPEC+, or the Organisation of the Petroleum Exporting Countries and allies such as Russia, need to balance their budgets. China's slumping consumption of diesel, as use of LNG-powered trucks grows, is weighing on domestic fuel demand, as is a sluggish economy hobbled by a prolonged crisis in the property sector.
OPEC pegs global demand growth at 2.15 million bpd in the first half of 2024, while the IEA estimates it was 735,000 bpd. The IEA advises industrialised countries on energy policy. The second half is typically the period of highest consumption as the simple fact of global economic growth increases oil demand and because it includes the peak driving season, Northern Hemisphere harvest and purchases to prepare for winter.
OPEC+ still has a month to decide whether to start releasing the oil from October, and the group will study oil market data in the coming weeks, a source close to the group said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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