BAKU, Azerbaijan, August 26. The authoritative global financial group Morgan Stanley has downgraded its growth forecast in global oil demand, Trend reports via Morgan Stanley.
According to its analysts, the growth of global oil demand in 2024 will amount to 1.1 million barrels per day, while previously forecasted at 1.2 million barrels per day.
“The main drivers are related to China, where economic growth is expected to slow, increased utilization of electric vehicles in that country, and an increase in the number of LNG-powered trucks in China,” the forecast noted.
Furthermore, Morgan Stanley has slightly lowered its forecasts for the price of benchmark Brent crude oil and expects that in the fourth quarter of 2024, the average price will be $80 per barrel compared to the previous figure of $85 per barrel.