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
A major conference on grain and agricultural cooperation opened Thursday in Zhengzhou City of central China's Henan Province, aiming to enhance strategic partnership and deepen agricultural cooperation between Henan and ASEAN countries.
Government officials, ambassadors to China, business association representatives and entrepreneurs from ASEAN countries have gathered to participate in this two-day event, with the goal of enhancing agricultural investment, strengthening regional connectivity and promoting bilateral trade.
"This conference gathers the Asian member states together with China. We build our agriculture sector to get it stronger, to become a driving force for this food security, for the stability, the social stability and also sustainability," said Hong Narit, director of Planning and Statistics, Ministry of Agriculture, Forestry and Fisheries of Cambodia.
Henan is one of China's major grain-producing regions, accounting for a quarter of the country's wheat output. During the conference, participating companies from ASEAN countries engaged in targeted discussions with Henan's leading enterprises through "one-on-one" business matchmaking meetings to explore potential cooperation projects.
"My country is tropical season, so it's different fruits we need. So we can make some exchanges better about our products. We can come enter to China, and then from China to Indonesia," said Hotman Fajar Simanjuntak, director general of Horticulture branch under the Ministry of Agriculture, Indonesia. Representatives from Henan and ASEAN countries also pledged to strengthen their commitment to international cooperation aimed at eradicating hunger and reducing poverty.
"China program on poverty eradication has been very impressive. It should be a model that should be followed by everyone around," said Pehin Dato Haji Abdu'r Rahmani bin Dato Haji Basir, Bruneian Ambassador to China.
The conference will include a series of high-profile events, such as grain and agricultural product exhibitions and industry cooperation promotions.
Grain, Agricultural Cooperation Conference kicks off in Henan
