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OPEC Cuts Oil Demand Forecast For Fourth Time In 2024

by THEFUTURE.TEAM

November 13, 2024

The Organization of the Petroleum Exporting Countries (OPEC) has once again revised its forecast for global oil demand, marking the fourth consecutive downward adjustment this year. The revision reflects economic slowdowns in major markets, including China and India, which are experiencing sluggish growth rates.

OPEC’s latest monthly report projects a growth in oil demand of 1.82 million barrels per day (bpd) for 2024, down from last month’s forecast of 1.93 million bpd. Next year’s demand growth forecast has also been reduced, from 1.64 million bpd to 1.54 million bpd. Much of the revised outlook is attributed to China’s economic slowdown, which has significantly impacted fuel demand; diesel consumption in China dropped year-on-year for the seventh month in a row as of September.

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The latest forecast presents a notable challenge for OPEC+, which includes key allies like Russia. Earlier this month, the alliance opted to delay its planned increase in output, initially set for December, in response to falling oil prices.

Following the release of OPEC’s report, oil prices eased. Brent crude currently trades below $73 per barrel, while U.S. light crude is hovering just above $64 per barrel.

OPEC’s forecast remains more optimistic compared to the International Energy Agency (IEA), which anticipates a much lower demand increase of 860,000 bpd in 2024. The IEA, representing industrialized countries, is set to release an updated report on Thursday, which may further adjust its projections based on evolving market dynamics and energy transition trends.

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Cyprus Economy Outperforms EU Benchmarks With 4.5% Quarterly Growth

by THEFUTURE.TEAM

February 16, 2026

The Cypriot economy recorded an impressive 4.5% year-on-year growth in the fourth quarter of 2025, according to preliminary estimates from the Statistical Service. This performance represents a notable acceleration, with a seasonally adjusted quarterly increase of 1.4% compared to the previous period.

Quarterly Performance Surpasses Expectations

Based on Eurostat data, Cyprus has significantly outpaced its European counterparts. While the Eurozone achieved an average growth rate of 1.3% and the European Union registered 1.5%, Cyprus clearly outperformed both. Such robust quarterly performance underlines the nation’s strategic economic positioning amid global market uncertainties.

Full-Year Projections And Fiscal Discipline

For the entire year 2025, growth is forecasted at 3.75%, exceeding earlier predictions from the Ministry of Finance and several domestic and international agencies, which had estimated an increase between 2.9% and 3.5%. This optimistic projection is supported by a low inflation environment and conditions of near-full employment.

Sustainable Growth Amid Global Uncertainty

Despite increased international volatility, Cyprus continues to demonstrate a resilient economic dynamic. Experts assert that a commitment to prudent and disciplined fiscal policies will bolster the nation’s ability to maintain medium-term growth rates above 3%. This strategic approach offers a strong competitive edge, much like other success stories in high-growth markets where sound economic management has proven vital.