The Need for Oil Is Decreasing Faster Than Expected!

Expected oil demand growth has been cut for the remainder of 2024 and 2025.

“Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks,” explains OPEC, largely in reference to China.

The report, published by the Organization of the Petroleum Exporting Countries (OPEC), suggests that world oil growth will only rise to 1.82 million barrels per day in 2024, down from the initially projected growth of 1.93 million. In 2025, the global demand growth should reach a low of 1.54 million barrels per day, whereas the original report suggested 2025 would see 1.64 million barrels per day. China is the major contributor to this drop, as other countries such as Russia, Iraq, and Kazakhstan are currently pumping out oil above quota. A global effort toward renewable energy sources seems to progress, but more must be done to ensure all countries are on board.