The Organization of the Petroleum Exporting Countries (OPEC) on Monday further trimmed forecasts for global oil demand growth this year and next, marking the organization's downward revision for the third consecutive month.
In its monthly oil market report for October, OPEC projected a global oil demand growth of 1.93 million barrels per day (bpd) for 2024, down 106,000 bpd from the growth of 2.03 million bpd expected last month.
OPEC attributed the adjustment to "actual data received combined with slightly lower expectations for the oil demand performance in some regions."
Despite the third successive downward revision, OPEC said this year's world oil demand growth is "still well above the historical average of 1.4 million bpd seen before the COVID-19 pandemic."
For next year, the oil-producer group cut its 2025 global oil demand growth estimate to 1.64 million bpd from last month's assessment of 1.74 million bpd.
OPEC twice lowered its forecasts for global oil demand growth in 2024 and 2025 in its monthly market reports published in August and September. Until August, OPEC had maintained its global oil demand growth forecasts of 2.25 million bpd this year and 1.85 million bpd next year since they were first made in July last year.
Last month, eight member countries of OPEC+, a group comprising OPEC and its allies, announced an extension of their voluntary oil production cuts by two months until November. The countries will start to gradually phase out these output cuts from December.
OPEC further cuts 2024, 2025 global oil demand forecast
OPEC further cuts 2024, 2025 global oil demand forecast
OPEC further cuts 2024, 2025 global oil demand forecast
Ice and snow sports enthusiasts and tourists alike are reveling in numerous winter fun activities launched to boost tourism in southwest China's Sichuan Province and central China's Hubei Province.
In Ya'an City, Sichuan Province, a local ski resort opened to the public on Monday, featuring ski shows. Performers in various ski costumes demonstrated impressive skiing skills, drawing cheers from the audience. Both professional skiers and beginners were able to enjoy the thrill of skiing in winter here.
"It's my first time to try skiing. It's exciting and fun. I can see the Minya Konka peak, which is stunning," said Chen Keyi, a tourist.
"There are many winter tourism activities, and the temperature is perfect. We feel comfortable and cozy," said Qu Feng, another tourist.
In addition to performances, local authorities have used the area's natural resources, combining winter tourism with hot springs and local cuisine.
In Huanggang City, Hubei Province, skiers from nearby areas flock to the Taohuachong Ski Resort to experience the speed and excitement of winter sports. At an altitude of 1,088 meters, surrounded by pines and cedars, this ski resort stands out for its breathtaking views of rime. To enhance the tourist experience, Taohuachong has added three new ski runs.
"This ski resort is huge. We feel relaxed," said Li Mei, a tourist.
Local authorities have also integrated various resources, including ice and snow, hot springs, cuisine, and cultural products, to create a range of one-stop winter tourism experiences. With favorable winter tourism policies, these offerings are drawing more visitors.
"We headed for the hot spring right after skiing. It's been a wonderful and cozy experience," said Xia Ling, a tourist.
Winter fun activities draw tourists to Sichuan, Hubei
Winter fun activities draw tourists to Sichuan, Hubei
