Global Oil Demand to Grow Despite Lower Chinese Imports and EV Growth

Benzinga
Benzinga
  • 27 days ago
Analysts are maintaining their oil price forecasts for the second half of 2024, balancing geopolitical risks with subdued demand, particularly from China. Brent crude is expected to average more than $83 per barrel, and U.S. crude $79, nearly unchanged from previous estimates. Some analysts predict prices will stay within the $80-85 range due to stable demand-supply dynamics. Despite lower Chinese oil imports and global economic shifts towards electric mobility, global oil demand is forecasted to grow by 1-1.5 million barrels per day in 2024. OPEC+ is expected to uphold production cuts through 2025 amid ongoing geopolitical tensions.

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