(MENAFN- Kuwait News Agency (KUNA)) VIENNA, March 12 (KUNA) -- Organization of Petroleum Exporting Countries (OPEC) estimate that demand for its crude in 2025 is to reach about 28.8 million barrel daily, a 300,000 increase from 2024.
These estimates were reported in OPEC's monthly report issued on Tuesday.
The organization expected demand during this current year to reach 28.5 million barrel daily marking a 1.1 million barrel increase compared to 2023.
The report indicated that expectations of global demand growth for the year 2024 remain unchanged at 2.2 million barrel per day.
Oil demand growth in OECD Asia Pacific has been revised down slightly due to expected lower performance in manufacturing and petrochemical sectors of Japan and South Korea.
However, this is met by upward adjustments for India and other Asian nations, prompted by anticipated improvements during the same period. With this, the OECD is forecast to expand by around 200,000 barrel daily, and non-OECD by 2 million barrel daily this year.
The report also mentioned that world supply of non-OPEC Oil production in 2024 is expected to grow by 1.1 million barrel daily, slightly revised down from the previous month's assessment.
The revision, it explained, takes into account the recently announced additional voluntary production adjustments by some countries in the Declaration of Cooperation (DoC).
In 2024, the main drivers for liquids supply growth are expected to be the US, Canada, Brazil and Norway, while the largest declines are anticipated in Russia and Mexico, reported the Organization.
The forecast for non-OPEC liquids supply growth in 2025 stands at 1.4 million barrel daily, revised up from the previous month mainly due to the base changes made in 2024. The growth is mainly driven by the US, Brazil, Canada, Russia, Kazakhstan and Norway.
OPEC further clarified that market structures of oil futures prices strengthened and money managers turned more optimistic regarding demand.(end)
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