This helps in bringing inflation down and strengthens policy rate cuts expectations in the next MPC meeting of the State Bank of Pakistan,
OPEC has once again lowered its global oil demand outlook, marking the second such revision in just two months. The organization now anticipates a daily demand increase of 2 million barrels in 2024, a decrease of 80,000 barrels from its prior estimate.
For the year 2025, OPEC has reduced its forecast to 1.7 million barrels, 40,000 barrels lower than previous projections. This downward adjustment is largely attributed to weaker oil consumption in China, particularly as the surge in electric vehicle sales dampens demand for traditional fuels. Moreover, the possibility of OPEC+ increasing production in December further exacerbates the situation, with analysts suggesting a potential oil surplus in 2025.