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OPEC slashes global oil demand growth forecast

Total world oil demand is expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd in the full year of 2024.
Total world oil demand is expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd in the full year of 2024.
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Updated 11 December 2024

OPEC slashes global oil demand growth forecast

OPEC slashes global oil demand growth forecast
  • OPEC also cut the global demand growth outlook for 2025 to 1.4 million bpd.

RIYADH: The Organization of the Petroleum Exporting Countries on Wednesday revised the global oil demand growth forecast for 2024 to 1.6 million barrels per day down from 1.8 million bpd in the previous report.

Total world oil demand is expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd in the full year of 2024.

OPEC also cut the global demand growth outlook for 2025 to 1.4 million bpd. Total world oil demand should stand at 105.3 bpd in 2025.

“Growth is expected to be bolstered by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries,†OPEC said in its monthly report.

OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.

OPEC had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.

According to OPEC, the downgrade for this year owes to more bearish data received in third quarter while the projections for next year relate to the potential impact that will arise from US tariffs.

The 210,000 bpd cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million bpd.

“The bulk of this revision is made in the third quarter, taking into account recently received bearish data for the third quarter,†OPEC said in the report.

China accounted for part of the latest downgrade, as did India, other Asian countries, the Middle East and Africa, OPEC said. OPEC now expects Chinese oil demand to rise by 430,000 bpd in 2024, down from 760,000 bpd in July.

After decades as the dominant driver of expanding oil consumption, China’s crude oil imports are on track to peak as soon as next year as transport fuel demand begins to decline for the world’s top crude buyer.


Philippines in talks to add flights, develop joint tourism promotion with º£½ÇÖ±²¥

Philippines in talks to add flights, develop joint tourism promotion with º£½ÇÖ±²¥
Updated 14 November 2025

Philippines in talks to add flights, develop joint tourism promotion with º£½ÇÖ±²¥

Philippines in talks to add flights, develop joint tourism promotion with º£½ÇÖ±²¥
  • Philippines developing halal travel as part of its tourism strategy
  • Saudi market is one of Philippines’ most dynamic and high-value markets

MANILA: Philippine officials are in talks with Saudi tourism players to add more flights between their countries and develop a joint travel promotion campaign, the department of tourism said as Manila seeks to strengthen tourism ties with the Kingdom. 

Tourism Undersecretary Verna C. Buensuceso led the Philippine delegation at the 26th UN Tourism General Assembly earlier this month in Riyadh. On the sidelines of the event, she met with Saudia Airlines’ sales general manager, Abdulrahman Alabdulwahab, and Riyadh Air Vice President for Network Planning and Partnerships Wolfgang Reuss.  

They held “separate discussions … on the expansion of air connectivity and the development of joint tourism promotion initiatives,†the tourism department said in a statement. 

With tourism being a key sector for the Philippines, its government has been trying to attract more Middle Eastern visitors by creating Muslim-friendly destinations and ensuring that they have access to halal products and services. 

Saudi travelers are among those contributing to a recent surge in international tourism arrivals from countries in the Middle East and the GCC.

“º£½ÇÖ±²¥ has emerged as one of the world’s fastest-growing outbound tourism markets, driven by a young and affluent population with high disposable income for travel. It represents one of our most dynamic and high-value markets in the Middle East,†Tourism Secretary Christina Frasco said in a statement. 

“As a destination, the Philippines continues to gain ground among Saudi travelers, recognized for its warm hospitality, competitive value, English-speaking service culture, and growing halal-friendly tourism infrastructure.â€

Tourism receipts from the Kingdom were more than $37 million last year, a 46 percent rise from 2023, ministry data showed. While Manila continues to be a top destination for Saudi travelers, Cebu, Boracay, and Pampanga are also among their top choices. 

The predominantly Catholic country — where Muslims constitute about 10 percent of the almost 120 million population — last year also launched a beach dedicated to Muslim women travelers in Boracay, the country’s top resort island and one of the world’s most popular.

Last month, the Philippines launched a “Muslim-Friendly Travelogue,†an official guide for tourists planning trips to the country, covering its Islamic history and heritage, recommendations for destinations, and halal culinary products available in all parts of the archipelago.

In 2024, the Philippines was recognized as a rising Muslim-friendly non-Organization of Islamic Cooperation Destination by the Mastercard-CrescentRating Global Muslim Travel Index, an annual report benchmarking destinations in the Muslim travel market. 

Known for its white-sand beaches, diving spots and rich culture, the Philippines received a similar recognition in 2023.