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OPEC Leaves Forecast for 2024 Oil-Demand Growth Unchanged

A model of an oil rig in front of the OPEC logo. (Reuters)
A model of an oil rig in front of the OPEC logo. (Reuters)
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OPEC Leaves Forecast for 2024 Oil-Demand Growth Unchanged

A model of an oil rig in front of the OPEC logo. (Reuters)
A model of an oil rig in front of the OPEC logo. (Reuters)

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East.
OPEC, in a monthly report, said world oil demand will rise by 1.85 million barrels per day in 2025. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from last month.
In 2025, OPEC anticipates an increase in global economic growth to 2.8% from 2.6% this year in part because of interest rate cuts.
OPEC estimated the call on its crude at 28.5 million b/d for 2024 and 29 million b/d for 2025.
The report noted OPEC oil production rose slightly in December to 26.70 million bpd in comparison to 26.63 million bpd in the past month, according to secondary sources.
In terms of oil supply, the organization expected non-OPEC production to rise by 1.3 million bpd in both 2024 and 2025 to 70.4 million bpd and 71.7 million bpd, respectively.
At the same time, in 2023, oil production by countries outside of OPEC is estimated to have increased by 2.1 million barrels per day compared to the previous year, to 69.1 million barrels per day.
It forecast non-OPEC upstream investment to slightly drop to $473 billion in 2025 in comparison to 2024.

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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo

Taiwan only expects a small impact from any tariffs imposed by the incoming government of US President-elect Donald Trump on semiconductor exports given their technological superiority, Economy Minister Kuo Jyh-huei said on Friday.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., the island is a key link in the global technology supply chain for companies such as Apple and Nvidia, according to Reuters.
But Taiwanese policymakers have warned new US tariffs against all countries from the Trump administration could curb economic growth this year for the export-dependent economy.
Trump has pledged a blanket tariff of 10% on global imports into the United States and a far higher 60% tariff on Chinese goods.
In late November, he specifically pledged a 25% tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
“For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added.
Taiwan will also help companies relocate supply chains to the United States as needed, away from where there might be high import tariffs, Kuo said.
“Now we see that we should be able to develop the aerospace supply chain industry in the United States, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centres can be moved there,” he added.