Logo of OPEC
OPEC cut its forecast for Chinese crude oil demand in 2024, despite Beijing’s recent decline in its crude imports. 
In its latest monthly report, the agency said it expects Chinese crude oil demand to grow by 580,000 barrels per day (bpd) this year, compared to its previous estimate in September of 650,000 bpd.
This marked the third consecutive month in which the organization has lowered its estimates for Chinese demand growth.
OPEC’s estimates came after data released on Oct. 14 by the General Administration of Customs of the People’s Republic of China (GACC) showed that its oil imports shed 7.4% and 0.6% on a monthly and annual basis, respectively, in September, to total 45.5 million tons, or 11.1 million bpd.
During the first nine months of 2024, China’s crude imports plunged by 350,000 bpd, compared with the same period last year, Reuters reported.
While imports alone do not reflect total demand, China’s domestic oil production during the first eight months of the year reached 4.29 million bpd, up 70,000 bpd from the same period in 2023.
This suggests that the annual increase in domestic production may not compensate for the pullback in China’s oil imports throughout 2024, making OPEC’s estimates of oil demand in the world’s second-largest economy look optimistic.
Logo of OPEC
OPEC cut its forecast for Chinese crude oil demand in 2024, despite Beijing’s recent decline in its crude imports.
In its latest monthly report, the agency said it expects Chinese crude oil demand to grow by 580,000 barrels per day (bpd) this year, compared to its previous estimate in September of 650,000 bpd.
This marked the third consecutive month in which the organization has lowered its estimates for Chinese demand growth.
OPEC’s estimates came after data released on Oct. 14 by the General Administration of Customs of the People’s Republic of China (GACC) showed that its oil imports shed 7.4% and 0.6% on a monthly and annual basis, respectively, in September, to total 45.5 million tons, or 11.1 million bpd.
During the first nine months of 2024, China’s crude imports plunged by 350,000 bpd, compared with the same period last year, Reuters reported.
While imports alone do not reflect total demand, China’s domestic oil production during the first eight months of the year reached 4.29 million bpd, up 70,000 bpd from the same period in 2023.
This suggests that the annual increase in domestic production may not compensate for the pullback in China’s oil imports throughout 2024, making OPEC’s estimates of oil demand in the world’s second-largest economy look optimistic.
